Directive1.01 Training Scheme 2

EDUCATION AND
TRAINING SCHEME 2021

Directive 1.01 (Revised 2021)
Directive 1.01 (Revised 2021) The Institute of Chartered Accountants of Pakistan
TABLE OF CONTENTS
Paragraph Description Page No.
1 Short title and Commencement 3
2 Definitions 3
3 Registration 4
4 Curriculum and Syllabus 5
5 Exemptions 7
6 Fees and Refunds 7
7 Examinations 8
8 Rules of Progression 14
9 Transition to the Scheme 2021 15
10 Training Regulations and Guidelines 18
Relevant Degree Awarding Institute (RDAI) and 18
11
Specified Degree Awarding Institute (SDAI)
12 Removal of Difficulty 18
13 Repeal 18
Annexure A Syllabus 19
Education and Training Scheme 2021 2

The Institute of Chartered Accountants of Pakistan Directive 1.01 (Revised 2021)
EDUCATION AND TRAINING SCHEME 2021
In exercise of the powers conferred by section 15 of the Chartered Accountants Ordinance, 1961
(CA Ordinance) read with bye-laws 113 and 129A of Chartered Accountants Bye-Laws, 1983 (CA
Bye-Laws), to prescribe the courses, syllabus and stages of education to qualify for membership of
the Institute, the Council approves the following scheme:-
1. SHORT TITLE AND COMMENCEMENT

(1) This scheme shall be known as Education and Training Scheme 2021 (the Scheme 2021).
(2) The Scheme 2021 shall become effective from 01 March 2022 subject to the transitional
arrangements specified in this Directive.
*(3) The following paragraphs of this Directive shall be effective after gazette notification of the
corresponding amendments in CA Bye-Laws:
Paragraph
2(1)(xiii)
2(1)(xiv)
3(1)(ii)
3(1)(iii)
3(2)(iii)
8(1)(ii)
9(1)(i)
9(2)(i)
2. DEFINITIONS
(1) In the Scheme 2021, unless there is anything repugnant in the subject context:
(i) Assessee means a person enrolled to any test, assessment and examination required
by the Institute before admission to the CFAP examination;
(ii) AFC means Assessment of Fundamental Competencies;
(ii) CAF means Certificate in Accounting and Finance;
(iii) Chairman means the Chairman of ETCOM;
(iv) CFAP means Certified Finance and Accounting Professional;
(v) Directive means directive issued by the Council or its standing committees under
bye-law 129A;
(vi) ETCOM means the Education and Training Committee;
(vii) Examinee means a person admitted to the examinations of the Institute;
(viii) Full-time student means a person registered for appearing in examination of the
Institute under the Ordinance or the Bye-Laws made thereunder, and who has not
yet started the training prescribed under the bye-laws;
(ix) Institute means The Institute of Chartered Accountants of Pakistan;
(x) Member means a member of the Institute;
*The gazette notification of the corresponding amendments in CA Bye-Laws, dated June 1, 2022, was effective
from May 24, 2022.

(xi) MSA means Multi-Subject Assessment;

(xii) Permitted book means the books an examinee may carry while attempting the
examinations;
(xiii) PRC means Pre-Requisite Competencies specified under Directive 1.20 Qualifying
Assessment Test and Pre-requisite Competencies;
(xiv) QAT means Qualifying Assessment Test specified under Directive 1.20 Qualifying
Assessment Test and Pre-requisite Competencies;
(xv) Relevant Degree Awarding Institute (RDAI) means a degree-awarding university or
institute accredited by the Higher Education Commission of Pakistan, which fulfills
the criteria specified by the Council;
(xvi) Specified Degree Awarding Institute (SDAI) means a degree-awarding university or
institute accredited by the Higher Education Commission of Pakistan, which fulfills
the criteria specified by the Council;
(xvii) Trainee student means a person who has entered into a contract of training with a
member of the Institute, prescribed under the bye-laws, and has been registered as
such by the Institute; and
(xviii) Website means the website of the Institute www.icap.org.pk.
(2) Unless the context otherwise requires, all other terms and expressions used but not
defined in this Directive shall have the same meaning as assigned to them in the Ordinance
and Bye-Laws; and words importing the singular shall include the plural and vice versa.
3. REGISTRATION
(1) Registration as a full-time student
Any of the following persons, upon application, shall be registered as full-time students:
(i) Graduates with 16 years of education from a local or foreign university recognized by
the competent authority of higher education in Pakistan.
(ii) Graduates with 14 years of education with 45% aggregate marks or equivalent grades;
and who have passed Pre-requisite Competencies (PRC) under Directive 1.20 or
obtained exemption from PRC under Directive 1.21.
(iii) Persons who have completed eligibility requirements for registration by completing or
obtaining exemption from Qualifying Assessment Test (QAT) and completing PRC
under Directive 1.20 or obtaining exemption from PRC under Directive 1.21.
(iv) Persons who have passed examinations of such professional accountancy bodies, as
approved by the Council for the purpose, and specified in Directive 1.21.
(v) Persons who have completed eligibility requirements for registration by completing AFC
under Directive 1.22 or obtaining exemption from AFC.
(2) Registration as a trainee student
Any of the following persons who have attained 16 years of age and offered a training
contract by a Training Organization (TO), upon application, shall be registered as trainee
students:
(i) Completed CAF stage or obtained exemption from CAF stage or equivalent
examinations of the Institute; and have completed or exempted from applicable
Hands-on Courses.

(ii) Graduated from bachelor program with 16 years of education from a local or foreign
university recognized by the competent authority of higher education in Pakistan.
(iii) Graduated from bachelor program with a minimum of 14 years of education with 45%
aggregate marks or equivalent grades from a local or foreign university recognized by
the competent authority of higher education in Pakistan; and who have passed PRC
under Directive 1.20 or obtained exemption from PRC under Directive 1.21.
(iv) Graduated from bachelor program with a minimum of 14 years of education with 45%
aggregate marks or equivalent grades from a local or foreign university recognized by
the competent authority of higher education in Pakistan; and who have passed AFC
under directive 1.22 or obtained exemption from AFC.
(3) Provisional registration
A person may be provisionally registered in the following circumstances:
(i) As a trainee student, where certificate or degree of the previous qualification, on which
registration is based, is awaited in the normal course; or
(ii) As an examinee, where 16-year degree program is being undertaken from a recognized
degree awarding institute. Provided that in case of failing to complete 16-year degree
program, such persons shall be required to apply for registration under3(1)(iii);
(iii) any other circumstances deemed appropriate by the Council for any category.
4. CURRICULUM AND SYLLABUS

(1) Any person seeking membership of the Institute under sub-section (1)(ii) of section 4 of
the CA Ordinance shall be required to pass all the subjects of each stage of the Scheme
2021 forming part of the curriculum or obtain exemption therefrom.
(2) Curriculum
The examinations of the Institute shall consist of the following stages and subjects:
(i) Certificate in Accounting and Finance (CAF)
Group A
CAF-1 Financial Accounting and Reporting-I
CAF-2 Tax Practices
CAF-3 Cost and Management Accounting
CAF-4 Business Law
Group B
CAF-5 Financial Accounting and Reporting-II
CAF-6 Managerial and Financial Analysis
CAF-7 Company Law
CAF-8 Audit and Assurance
(ii) Certified Finance and Accounting Professional (CFAP)
CFAP-1 Advanced Accounting and Financial Reporting
CFAP-2 Advanced Corporate Laws and Practices
CFAP-3 Strategy and Performance Measurement
CFAP-4 Business Finance Decisions
CFAP-5 Tax Planning and Practices
CFAP-6 Audit, Assurance and Related Services

(iii) Multi-Subject Assessment (MSA)

MSA-1 Financial Reporting and Assurance Professional Competence
MSA-2 Management Professional Competence
(3) The curriculum shall be implemented in accordance with the transition policy specified in
this Directive read with Directive 1.20.
(4) Syllabus
(i) The contents and learning outcomes of each subject are attached as Annexure –A.
(ii) Where a specific reference to any legislation, guideline, standard and other similar
document is given in the syllabus, it shall be deemed to cover any subsequent
amendments that may be made therein from time to time, subject to the timelines
mentioned in this paragraph.
(iii) Any revision and amendment in legislation, standard, code, guideline and statement
shall not be part of the syllabus before six months period prior to the month of
examinations has elapsed:
(a) in case of legislation, from the date of publication thereof by the issuing authority;
(b) in case of change, revision or issuance of new standard, code, guideline and
statement, from the date of publication of study material by the Institute or date
of application prescribed by the issuing authority of the same, whichever is later.
Provided that Finance Act or Ordinance, and notifications and circulars relating to
Finance Act or Ordinance, issued four months prior to the month of examinations shall
be considered forming part of the syllabus, in case of CFAP and MSA.
(5) Amendments not to be treated as revision/changes in syllabus
The Institute shall have the power to:
(i) make corrections of editorial nature;
(ii) insert new legislation, guideline, standard and other similar document that have
repealed or replaced legislation, guideline, standard and other similar document
already included in the existing syllabus;
(iii) delete the repealed or withdrawn legislation, guideline, standard and other similar
document included in the existing syllabus;
(iv) decide the applicability of ordinances issued by the competent authority and is
pending approval of national assembly and senate, as the case may be.
Provided that all such amendments in Directive shall be ratified by the Council, preferably,
in the next immediate meeting and shall be made part of the minutes of such meeting.
(6) Revision of curriculum and syllabus
(i) Any subsequent revision in curriculum and syllabus, other than changes specified in
paragraph 4(5), shall be approved by the Council.
(ii) All relevant committees and directorates shall engage in formal consultation during
the process of revision in curriculum and syllabus.
(iii) The full scope revision in education and training scheme shall be undertaken by the
Council at least every fifth year from the date of the last revision or earlier if deemed
necessary.

(7) Hands-on Courses (HOC)

(i) There shall be three hands-on courses, unless exempted and subject to transition
under this Directive, to be completed at various stages of qualifications as follows:
(a) Presentation and Personal Effectiveness (PPE)
(b) MS Office
(c) Data Management and Analytics; or Fin-Tech
(ii) Hands-on courses on PPE and MS Office shall be completed:
(a) any time before the commencement of training by the persons joining training
on CAF basis on or after 01 March 2023. *Provided that students joining training
from 1 March 2023 to 31 August 2023 shall be required to complete the hands-
on courses on PPE and MS office before 31 August 2023.
(b) any time before attempting CFAP by the persons joining training on graduation
basis on or after 01 March 2022.
(iii) **The assessment of Hands-on courses on Data Management and Analytics or Fin-
Tech shall be passed at any time before attempting MSA.
(iv) The Hands-on courses may be conducted by the Institute or any other party as
approved by the Institute.
(v) **For Data Management and Analytics or Fin-Tech courses, the Institute shall conduct
its own assessment on completion of the course. Such assessments shall be offered by
the Institute on a quarterly basis. The Institute may designate a Test Center for the
conduct of the assessment on completion of the course.
(vi) The learning outcomes of courses are specified in Annexure – A.
(8) Course on Professional Values, Ethics and Attitude (PVEA)
(i) Trainee students shall be required to complete online courses on PVEA:
(a) before issuance of Form-O (Certificate of service and fitness for appearing at the
CFAP Level Examinations) under byelaw 125, effective from Winter 2022 attempt;
and
(b) before issuance of Form-S (Certificate of Completion of Service Under Training
Contract) under bye-law 106 (2).
(ii) The learning outcomes of the Course on PVEA are specified in Annexure – A.
(iii) TO shall only issue Forms-O and S after verifying successful completion of the Course
on PVEA at both stages.
5. EXEMPTIONS
Exemptions are specified in Directive 1.21.
6. FEES AND REFUNDS

(1) Fees
The schedule of the fees shall be specified by the Council from time to time.
*363rd Council meeting dated December 8-9, 2022

*371st Council meeting dated July 21, 2023

(2) Refunds
(i) The fees paid by a person shall not be refunded except for registration as a full-time
or as a trainee student, if the person is found ineligible for registration and applies to
the Institute on the prescribed form.
(ii) Fees for examinations shall be refunded in accordance with the provisions of bye-law
116.
7. EXAMINATIONS
(1) Admission to examinations
Persons shall be admitted to examinations if they:
(i) have been registered either as full-time students or trainee students;
(ii) are eligible to appear in the examination, under the progression rules specified in this
Directive; and
(iii) have submitted the examination form along with the prescribed fee, within the
specified dates.
(2) Time and place of examination
(i) All examinations shall be held at such time and place as the Institute may determine
from time to time.
(ii) The Institute shall notify such information on the website periodically at least once
each year.
(iii) The Institute shall have the power to change the time and place of examinations after
giving prior notice to the examinees through any or all of the mediums, namely,
website, email, short messaging service, Institute’s social networking sites and postal
service.
(3) Open book examinations
(i) Examinees shall be permitted to carry books in certain examinations as specified
below:
Paper Permitted book
CAF-1 Financial Accounting and Handbook of International Financial Reporting
Reporting – I Standards
CAF-5 Financial Accounting and Handbook of International Financial Reporting
Reporting – II Standards
CFAP-1 Advanced Accounting Handbook of International Financial Reporting
and Financial Reporting Standards and ICAP Code of Ethics for Chartered
Accountants (as prescribed from time to time
with current version being Revised 2019).
CFAP-2 Advanced Corporate - Anti-money Laundering Act, 2010
Laws and Practices
- Anti-money Laundering Regulations, 2015
- Companies (Distribution of Dividends)
Regulations, 2017
- Companies (Further Issue of Shares)
Regulations, 2020


- Companies (General provisions and forms)
Regulations, 2018
- Companies (Incorporation) Regulations, 2017
- Companies (Investment in Associated
Companies or Associated Undertakings)
Regulations, 2017
- Companies (Postal Ballot) Regulations, 2018
- Companies (Related Party Transactions &
Maintenance of Related Records)
Regulations, 2018
- Companies (Manner and Selection of
Independent Directors) Regulations, 2018
- Companies Act, 2017
- Companies Ordinance, 1984
- Competition Act, 2010
- Corporate Rehabilitation Act 2018
- Corporate Rehabilitation Regulations, 2019
- Corporate Restructuring Companies Act,
2016
- Corporate Restructuring Companies Rules,
2019
- Employees Contributory Fund (Investment in
Listed Securities) Regulations, 2018
- Foreign Exchange Manual of State Bank of
Pakistan
- ICAP Code of Ethics for Chartered
with current version being Revised 2019)
- Insurance Ordinance, 2000
- Listed Companies (Buy- Back of Shares)
Regulations, 2019
- Listed Companies (Code of Corporate
Governance) Regulations, 2019
- Listed Companies (Substantial Acquisition of
voting shares and Takeovers) Regulations,
2017
- NBFC (Establishment and Regulation) Rules
2003


- Pakistan Stock Exchange Rule Book
- Payment System and Electronic Fund
Transfer Act, 2007
- Private Placement of Securities Rules, 2017
- Public Offering Regulations, 2017
- Public Sector Companies (Corporate
Governance) Rules, 2013
- Securities Act, 2015
- The Banking Companies Ordinance, 1962
- The Non-Banking Finance Companies and
Notified Entities Regulations, 2008
Explanation: "Only the Original Book duly bound,
bound addendum to the books from the same
publisher and Clip version of Bare Laws shall be
permitted
Rules and Regulations made thereunder shall be
permitted
CFAP-4 Business Finance
Decisions Any three books
CFAP-5 Tax Planning and - Income Tax Ordinance, 2001 and related
Practices rules
- Sales Tax Act, 1990 and related rules
- The Provincial Sales Tax Acts
- The Islamabad Capital Territory (Tax on
Services) Ordinance, 2001
- Federal Excise Act, 2005 and related rules
- ICAP Code of Ethics for Chartered
with current version being Revised 2019)
Explanation : "Only the Original Book duly
bound, bound addendum to the books from the
same publisher and Clip version of Bare Laws
shall be permitted.
CFAP-6 Audit, Assurance and Handbook of International Auditing and
Related Services Assurance Pronouncements and ICAP Code of
Ethics for Chartered Accountants (as prescribed
from time to time with current version being
Revised 2019).


MSA-1 Financial Reporting and
Any five books in total from amongst those books
Assurance Professional
specified for subjects comprising this paper.
MSA-2 Management
Any five books in total from amongst those books
Professional Competence
specified for subjects comprising this paper.
(a) Only original books duly bound shall be permitted, except as, permitted for
CFAP 2: Advanced Corporate Laws and Practices and CFAP 5: Tax Planning and
Practices.
(b) Examinees shall be permitted to highlight or underline the text in the permitted
books.
(c) Any decision taken by the Institute regarding permission to carry a book in the
examinations shall be final.
(4) Use of unfair means
(i) An examinee shall be considered guilty of using unfair means if the examinee’s actions
are likely to give an unfair advantage to the examinee or to any other examinee.
(ii) The Examination Committee shall have the power to take appropriate action in the
matter, as below:
Level Offences under unfair means Disciplinary Action
For Online Proctor Exams:
• Whispering/speaking both on and off-camera
including appearance of the same.
• Suspicious moves or actions such as attempt to
move away from the webcam or signaling
1 someone, or appear to reach or hold objects off Warning
camera, writing or scribbling, etc.
• Keeping pen, paper, books or any other prohibited
material within arms’ reach.
• Other offence(s) of similar nature and intensity
• Writing notes on the desk before the start of the
examination.
• Use of electronic communication devices (e.g.

mobile phone, Bluetooth or similar devices,
Cancellation of
2 earphone, headphone, etc.) for any purpose except paper
for receiving call of the Proctor or Examination
admin team from specified numbers.
• Copy or transfer any examination material/screen

on computer or mobile phone including but not


limited to using print screen, photographing or any
other function or means.
• Attempt to write on paper, desk, table, etc. during

the examination.
• Repeating offence(s) of Level 1 (both under in-

person policy and remote proctoring policy) of
which cognizance has been taken earlier on the
same day or on any other day of same or
subsequent examination attempt.
• Other offences of similar nature and intensity
• Use of materials of all kind (including paper slips)

containing examination relevant material, except
for those specifically allowed under exam policies.
• Any information written on hands, arms, dress,

admit card, etc.
• Leaving the examination room without the Cancellation of

permission of the Proctor for any purpose paper or
cancellation of
whatsoever.
3 the current
• Non-compliance of given instructions or denial to attempt
(maximum
follow the Proctor’s instructions.
penalty)
• Repeating offence of Level 2 (both under in-person
policy and remote proctoring policy) of which
cognizance has been taken earlier on the same day
or on any other day of same or subsequent
examination attempt.
• Other offences of similar nature and intensity.
• Attempt to threaten or abuse the Proctor to
influence him/her during exam. Debarred from
attempting
• Repeating offence(s) of Level 2 & 3 (both under in- examination for
4 person policy and remote proctoring policy) of
a period not
which cognizance has been taken earlier, in the
exceeding two
same or subsequent attempt.
years.
• Other offences of similar nature and intensity.
The student who
allows any other
5 Proxy sitting in lieu of authorized student. person to sit on
his/her behalf shall
be debarred for life.
The person who


attempts the
examination shall
be debarred for life
if he/she is an ICAP
student. An FIR for
criminal offence
may be lodged
against that person
if he/she is not an
ICAP student.
S. No. Offences under unfair means Disciplinary Action

For In person Exams:
Cancel the result of
the paper in which
Cheating, helping or taking help from others while
1 the examinee is
attempting an examination;
found guilty of
using unfair means.
Cancel results of
any number of
papers attempted
Using electronic gadgets, other than those by the examinee in
2 permitted by the Institute through notification, addition to the
while attending the examination; paper in which the
examinee is found
guilty of using
unfair means.
Suspend admission
Mentioning name/roll number/ any other to examination for
identification mark or signing on answer script a period deemed
3
except on the specified portion which is specifically appropriate, but
provided for this purpose; and not exceeding two
years.
Suspend
registration for a
period deemed
4 Writing unsolicited remarks on the answer script.
appropriate, but
not exceeding two
years.
(5) Examination results
(i) The passing marks shall be 50% in each subject.
(ii) Only the marks obtained by persons in the paper(s) which they fail to pass shall be
disclosed to them.

(6) Review of answer scripts

(i) An examinee who fails to pass an examination may apply to the Institute within 30
days from the declaration of result, on a specified form after paying the specified fee,
for a review of answer script.
(ii) The review shall involve:
(a) Checking that the marking process is free from errors and omissions.
(b) Marks were correctly counted and reflected in the results of the examinee.
(iii) The response of the review application shall be sent to the applicant within 40 days of
the receipt of an application by the Institute.
(iv) Another scheme by the name of Student Feedback Scheme is also available under
Institute notification effective from Summer 2014 examination.
(7) Special arrangements

(i) An examinee may apply to the Institute 20 days prior to the first day of the month in
which examinations are to be held, for special arrangements required due to any
health or physical condition.
(ii) The limit of 20 days’ prior notice may be waived or relaxed by the Institute in case of
emergency or under circumstances beyond the control of the examinee.
(iii) The Institute shall have sole discretion to accept or reject the application to the extent
deemed appropriate by the Institute.
8. RULES OF PROGRESSION
(1) Appearance in the Examination
(i) *CAF
(a) Examinees shall be permitted to attempt papers of CAF if they fulfill the
registration requirements under directive 1.20 or pass AFC under directive 1.22.
(b) Examinees shall first attempt papers of Group A.
(c) Examinees will be permitted to appear in Group B on passing at least two papers
from Group A.
(ii) CFAP and MSA
Students who:
(a) have completed twelve months of training prescribed under the bye-laws on or
before the first day of the month in which examination is to be held; and
(b) have passed or obtained exemptions from all papers of CAF shall be eligible to
attempt CFAP.
(iii) *Unless a lower number of papers remains, a student shall attempt a minimum of two
papers at the CFAP and MSA level.
(iv) Examinees who have passed the following papers of CFAP shall be eligible to attempt
‘MSA-1 Financial Reporting and Assurance Professional Competence’:
(a) Advanced Accounting and Financial Reporting
(b) Audit, Assurance and Related Services
* 360th Council Meeting held on July 19, 2022.

(v) Examinees who have passed the following papers of CFAP shall be eligible to attempt
‘MSA-2 Management Professional Competence’:
(a) Strategy and Performance Measurement
(b) Business Finance Decisions
(2) Maximum number of attempts / maximum period allowed to pass all exams under this
scheme
(i) Effective from Spring 2022 attempt, examinees appearing in CAF for the first time shall
have a maximum of four years from the date of the first attempt to pass all papers at
this stage. Provided that examinees who have no more than two papers remaining
shall be permitted an additional one year to pass the remaining papers.
(ii) Examinees whose training commence after 01 March 2022, shall not be admitted to
any further examinations of CFAP and MSA unless they have passed four papers of
CFAP level within ten years from the date of commencement of their training period.
Provided that persons who have passed all papers except two papers of CFAP shall
have no limitation as regard the number of attempts.
(iii) Subject to paragraph 8(2)(ii) there shall be no limitation of attempts on examinees
appearing in MSA.
(3) An attempt shall be counted when a person is issued the admit card and signs the
attendance sheet in the examination.
9. TRANSITION TO THE SCHEME 2021

(1) The credit shall be awarded in the following manner irrespective of new composition of
papers in the respective stage:
(i) Stage wise credit for AFC qualified
S. No. Education and Training Scheme 2013 The Scheme 2021

Assessment of Fundamental Pre-Requisite Competencies
1
Competencies (AFC) (PRC)
(ii) Stage wise credit for CAF, CFAP and MSA qualified
Certificate in Accounting and Finance Certificate in Accounting and

2
(CAF) Finance (CAF)
Certified Finance and Accounting Certified Finance and Accounting
3
Professional (CFAP) Professional (CFAP)
4 Multi-subject Assessment (MSA) Multi-subject Assessment (MSA)
(2) Paper-wise credit for an incomplete stage
The following mapping shall apply to only incomplete stages of Education Scheme 2013.
(i) Credit for AFC passed or exempted papers
Subjects before the commencement of the

The Scheme 2021
Scheme 2021
Code Paper Code Paper
AFC-1 Functional English PRC-1

Business Writing and

AFC-2 Business Communication
Comprehension Skills
AFC-3 Quantitative Methods PRC-2 Quantitative Methods
Introduction to Information
AFC-4 PRC-5 Introduction to Business
Technology
(ii) Credit for CAF passed or exempted papers

The Scheme 2021
Scheme 2021
Introduction to
CAF-1 Introduction to Accounting PRC 4
Accounting
Introduction to Economics and
CAF-2 PRC 3 Principles of Economics
Finance
CAF-4 Business Law
CAF-3 Business Law
CAF-7 Company Law
Business Management & Managerial and Financial
CAF-4 CAF-6
Behavioural Studies Analysis
CAF-5 Financial Accounting and CAF-1 Financial Accounting and
Reporting – I Reporting – I
CAF-6 Principles of Taxation CAF-2 Tax Practices
Financial Accounting and Financial Accounting and
CAF-7 CAF-5
Reporting – II Reporting – II
Cost and Management Cost and Management
CAF-8 CAF-3
Accounting Accounting
CAF-9 Audit and Assurance CAF-8 Audit and Assurance
(iii) Credit for CFAP and MSA passed papers

The Scheme 2021
Scheme 2021
Advanced Accounting and Advanced Accounting and
CFAP-1 CFAP-1
Financial Reporting Financial Reporting
Advanced Corporate Laws
CFAP-2 Corporate Laws CFAP-2
and Practices
Business Management and Strategy and Performance
CFAP-3 CFAP-3
Strategy Measurement
Business Finance
CFAP-4 Business Finance Decisions CFAP-4
Decisions
CFAP-5 Advanced Taxation CFAP-5 Tax Planning and Practices

Audit, Assurance and Related Audit, Assurance and

CFAP-6 CFAP-6
Services Related Services
Financial Reporting and Financial Reporting and
MSA-1 Assurance Professional MSA-1 Assurance Professional
Competence Competence
Management Professional Management Professional
MSA-2 MSA-2
Competence Competence
(iv) Credit for Hands-on Courses
Presentation and Communication Presentation and Personal

PCSC PPE
Skills Course Effectiveness
(3) Transitions
CAF
(i) The transition for examinees who have appeared but have not passed all CAF papers
before Spring 2022 attempt, under Education and Training Scheme 2013, shall be as
follows:
(a) They shall be given credit in CAF under the Scheme 2021 according to the mapping
specified in this paragraph.
(b) They shall be required to pass remaining CAF papers under the Scheme 2021
within the period specified in this paragraph.
(c) They shall have a maximum period calculated in the manner specified in this
paragraph to pass all papers of CAF. The period shall be computed in months
worked out as six times of the number of paper they have yet to pass on 01 March
2022. Provided that examinees who have no more than three papers remaining on
01 March 2022 shall have twenty-four months to pass the remaining papers.
Provided further that examinees who have no more than two papers remaining
shall be permitted an additional one year to pass the remaining papers at the end
of maximum period specified in this paragraph.
(d) Examinees shall be required to pass at least two papers of CAF Group A to appear
in papers of CAF Group B. Provided that this condition shall be applicable after the
Autumn 2022 attempt.
CFAP
(ii) The transition for examinees who have completed their training or are undergoing
training on 01 March 2022 and have not passed CFAP papers before the Summer 2022
attempt, under Education and Training Scheme 2013, shall be as follows:
(a) They shall be given credit in CFAP under the Scheme 2021 according to the
mapping specified in 9(2)(iii) above.
(b) They shall be required to pass at least four papers of CFAP within ten years from
Summer 2022 attempt. Provided that persons who have passed all papers except
two papers of CFAP shall have no limitation as regards the number of attempts.
Hands-on courses
(iii) Persons joining training before 01 March 2022 shall not be required to complete
hands-on courses.

10. TRAINING REGULATIONS AND GUIDELINES

The training regulations and guidelines are specified in Directive 1.03.
11. RELEVANT DEGREE AWARDING INSTITUTE (RDAI) AND SPECIFIED

DEGREE AWARDING INSTITUTE (SDAI)
The procedure to grant the status of Relevant Degree Awarding Institute and Specified Degree
Awarding Institute to a university is specified in Directive 1.04.
12. REMOVAL OF DIFFICULTY

The Council of the Institute shall have the powers to take such decisions as may be necessary
to remove any difficulty arising from this Directive. Further, the Council of the Institute has
delegated powers for the purpose of removing the difficulty of operational nature in
implementation of this Directive to the Chairman ETCOM and the Chairman Examination
Committee.
13. REPEAL
(1) This Directive shall repeal the Directive 1.01 – Education and Training Scheme 2013 on
March 1, 2022.
(2) Paragraph 1(3) shall be deemed as deleted with effect from the date of gazette notification
of corresponding amendments in CA Byelaws 1983.

Annexure – A
SYLLABUS
Proficiency and testing levels are mentioned against each learning outcome within the syllabus and
are explained below:
Proficiency levels
The proficiency level is the description of pitch of the performance expected from the person taking
action. The levels are as follows:
Level of
Description
Proficiency
P1 Typically, learning outcomes in a competence area focus on:
• Defining, explaining, summarizing, and interpreting the underlying principles and
theories of relevant areas of technical competence to complete tasks while
working under appropriate supervision;
• Performing assigned tasks by using the appropriate professional skills;
• Recognizing the importance of professional values, ethics, and attitudes in
performing assigned tasks;
• Solving simple problems, and referring complex tasks or problems to supervisors
or those with specialized expertise; and
• Providing information and explaining ideas in a clear manner, using oral and
written communications.
Learning outcomes at the foundation level relate to work environments that are
characterized by low levels of ambiguity, complexity and uncertainty.
• Independently applying, comparing, and analyzing underlying principles and
theories from relevant areas of technical competence to complete work
assignments and make decisions;
• Combining technical competence and professional skills to complete work
assignments;
• Applying professional values, ethics, and attitudes to work assignments; and
• Presenting information and explaining ideas in a clear manner, using oral and
written communication, to accounting and non-accounting stakeholders.
Learning outcomes at the intermediate level relate to work environments that are
characterized by moderate levels of ambiguity, complexity, and uncertainty.
• Selecting and integrating principles and theories from different areas of technical
competence to manage and lead projects and work assignments, and to make
recommendations appropriate to stakeholder needs;
• Integrating technical competence and professional skills to manage and lead
projects and work assignments;
• Making judgments on appropriate courses of action drawing on professional
values, ethics, and attitudes;

Level of
Description
Proficiency
• Assessing, researching, and resolving complex problems with limited supervision;
• Anticipating, consulting appropriately, and developing solutions to complex
problems and issues; and
• Consistently presenting and explaining relevant information in a persuasive
manner to a wide-range of stakeholders.
Learning outcomes at the advanced level relate to work environments that are
characterized by high levels of ambiguity, complexity, and uncertainty.

Testing Levels
Testing levels are the maximum marks assigned to a topic for examination purposes. The levels are as
follows:
Testing
Description
Levels
T1 The maximum limit per topic and a maximum aggregate limit of testing level-1
topics will be 8 marks and 35 marks respectively in an attempt. Topics covered in
testing level 1 will include the following:
(i) Topics that are specifically identified as testing level 1 for a specified
professional stage.
(ii) All topics assessed at earlier stages of qualification.
(iii) New topics included in the syllabus for the first time.
T2 The maximum limit per topic of this level 2 will be 20 marks.
T3 The maximum limit per topic of this level 3 will be 25 marks.
Any new topic included in the syllabus will be tested in the first attempt at level 1
irrespective of the testing level mentioned in the syllabus. Any amendment or
replacement of existing laws, IFRS, ISAs, Code of Ethics, etc. will not be considered
as the inclusion of a new topic in the syllabus.

CAF-1: FINANCIAL ACCOUNTING AND REPORTING-I

Competency
Apply selected international standards on financial reporting.
Syllabus Teaching Weightage

Grid
Ref. hours
A Preparation of Financial Statements 52-55 35-45
B Conceptual Framework and Interpretation of Financial 20-30 20-30
Statements
C Accounting for Financial Transactions 40-45 30-40
Total 110-130 100
Key Examinable Technical Competencies
Syllabus Proficiency Testing

Learning Outcomes
Ref. levels levels
A Preparation of Financial Statements
1 Prepare the statement of changes in equity. P2 T2
2 Prepare the statement of cash flows. P2 T2
Analyze the impact of errors on the financial statements
3 P2 T1
within a reporting period.
Apply the principles and concepts of selecting and applying
4 accounting policies, accounting for changes in estimates and P2 T1
reflecting corrections of prior period errors.
Compare the usefulness of cash flow information with that of
5 a statement of profit or loss or a statement of profit or loss P2 T1
and other comprehensive income.
6 Prepare financial statements for non-profit organizations. P2 T2
Conceptual Framework and Interpretation of Financial
B
Statements
Apply and discuss the requirements of the conceptual
1 P2 T1
framework for financial reporting.
Calculate and interpret ratios to give an assessment of an
entity’s performance and financial position with different
2 P2 T2
benchmarks and discuss window dressing of financial
statements to produce the desired effect.
Apply the principles and concepts concerning measurement,
3 retrospective adjustments, presentation and disclosure of P2 T2
basic and diluted earnings per share.


Learning Outcomes
Ref. levels levels
C Accounting for Financial Transactions
Apply the principles and concepts of recognition,
measurement at recognition and after recognition and
1 disposal of property plant and equipment, the determination P2 T2
of their carrying amounts, and the depreciation charges and
impairment losses to be recognized in relation to them.
Apply the principles and concepts of accounting and
disclosure of Government grants, other Government
2 P2 T1
assistance and loans granted by the government (subsidized
and forgivable).
3 P2 T1
measurement and disclosure of borrowing costs.
Apply the principles and concepts of carrying assets (other
than cash-generating unit and goodwill) at no more than
4 P2 T1
their recoverable amount and recognition of impairment loss
and reversal thereof.
5 measurement, transfer, disposal and disclosure of P2 T2
Investment Property
Key Examinable Professional Skills
1 Evaluate data and information from a variety of sources and perspectives through
research, integration and analysis.
2 Apply critical thinking skills to solve problems, inform judgements, make decisions and
reach well-reasoned conclusions.
3 Communicate clearly and concisely when presenting, discussing and reporting in formal
and informal situations.
4 Respond effectively to changing circumstances or new information to solve problems,
inform judgements, make decisions, and reach well-reasoned conclusions.
Key Examinable Professional Values, Ethics and Attitude
1 Apply an inquiring mind when collecting and assessing data and information.
2 Apply critical thinking when identifying and evaluating alternatives to determine an
appropriate course of action.

Specific Examinable Knowledge Reference
1 IAS 1: Presentation of Financial Statements

2 IAS 7: Statement of Cash Flows
3 IAS 8: Accounting policies, changes in accounting estimates and errors
4 IAS 16: Property, plant and equipment
5 IAS 20: Accounting for government grants and disclosure of government assistance
6 IAS 23: Borrowing costs
7 IAS 36: Impairment of assets
8 IAS 40: Investment property
9 Conceptual Framework for financial reporting:
- Recognition and measurement of the elements of financial statements
- Concepts of capital and capital maintenance
10 IAS 33: Earnings per share
11 Accounting standards for Not-for-profit organizations

CAF-2: TAX PRACTICES

Competency
Prepare income and sales tax information.
Syllabus Teaching
Grid Weightage
Ref. Hours
A Objective, System and Historical Background, Constitutional 10-15 5-10
Provisions and Ethics
B Income Tax Laws 70-80 60-75
C Sales Tax Laws 30-35 20-30
Total 110-130 100

Learning Outcomes
Ref. levels levels
Objective, System and Historical Background,
A.
Constitutional Provisions and Ethics
a Basic Concepts of taxation and Constitutional Provisions
1 Discuss the implication of direct and indirect taxation. P1 T1
b Federal and Provincial Financial Procedures
1 Describe Federal Consolidated Fund and Public Account. P1 T1
2 Describe Provincial Consolidated Fund and Public Account. P1 T1
Explain the provisions related to the distribution of
3 P1 T1
revenues between the Federation and Provinces.
Discuss taxes that can be raised under the authority of
4 P1 T1
Parliament.
Describe the powers of provincial assemblies in respect of
5 P1 T1
provincial taxes.
c Ethics
Discuss the objectives and rights of the state to tax its
1 P1 T1
citizens.
Discuss morality behind compliance with tax laws by
2 P2 T1
taxpayers and tax practitioners.
Describe the powers vs ethical responsibilities of tax
3 P2 T1
implementation authorities
Discuss pillars of tax administration, namely; fairness,
4 P2 T1
transparency, equity and accountability.


Learning Outcomes
Ref. levels levels
Explain the basic difference between evasion and
5 P1 T1
avoidance of tax.
B. Income Tax Laws
a Central Concepts
1 Describe the central concepts and scope of income P2 T2
b Chargeability and Computation of Income and Tax
Compute income, taxable income and tax thereon under
various heads of income for non-corporates i.e. salary,
1 P2 T2
income from property, income from business, capital gains
and income from other sources.
2 Apply the provisions relating to carry forward, deductible
allowances, set-off of losses, tax credit and tax P2 T2
exemptions/concessions.
Procedural Aspects: Returns, Assessments, Appeals and
c
Records
Explain tax compliance requirements and related
1 P2 T2
submissions
Identify persons required to furnish a return of income and
2 P2 T2
wealth statement.
Explain the provisions of law relating to the method of filing,
3 revision, due dates for filing and extension in the date for P2 T2
filing of return/statement.
Prepare return of income and wealth statement along with
4 P2 T2
its reconciliation.
Communicate with Inland Revenue Authorities (filing
5 P2 T2
applications, representations and extensions).
Explain the provisions of law relating to various types of
6 P2 T2
assessment.
Discuss the provisions of law relating to maintenance of
7 P2 T2
records and audit of income tax affairs of a person.
Describe procedure involved in appeals before various
8 appellate authorities i.e. Commissioner (Appeals), Appellate P2 T2
Tribunal, High Court and Supreme Court.
State provisions of law relating to alternative dispute
9 P2 T2
resolution.
C. Sales Tax Laws
a Scope and Payment of Tax
Calculate sales tax (output and input) on taxable supplies
1 P2 T2
(including zero-rated and exempt supplies).


Learning Outcomes
Ref. levels levels
Discuss the time and manner of sales tax liability and its
2 P2 T2
payment.
Calculate apportionment of input tax and carry
3 P2 T2
forward/refund thereof.
b Registration
1 Describe the types, requirements and procedures involved P2 T2
for registration, de-registration and returns.
c Book Keeping and Invoicing Requirements

List the records to be kept by a registered person and
1 explain the related retention requirements and procedures P2 T2
involved in the audit.
State the significance of tax invoice, debit and credit notes
2 P1 T1
and their related requirements.
3 Explain the procedure for the destruction of goods. P2 T2
1 Evaluate data and information from a variety of sources and perspective through
3 Communicate clearly and concisely when presenting, discussing and reporting in
formal and informal situations.
Key Examinable Professional Values, Ethics and Attitudes
1 Apply an inquiring mind when collecting and assessing data and information
3 Identify threats to compliance with the fundamental principles of ethics.
1 Article 78 to 88 of the Constitution of Pakistan

2 Article 118 to 127 of the Constitution of Pakistan
3 Article 160 to 165A of the Constitution of Pakistan
4 Sections 43 to 53 in the Fourth Schedule attached to the Constitution.
5 Code of Ethics for Chartered Accountants (Revised 2019) Sections 604.1 to 604.6A1

Income Tax Ordinance, 2001

6 Clauses of Section 2: (1, 3, 3C, 5, 5A, 8, 9, 10, 10A, 11A, 13AA, 16, 19, 19A, 20, 21, 22,
23, 29, 29A, 29C, 30AC, 30AE, 32, 33, 36, 38A, 41, 44A, 45, 46, 47, 49, 54, 63, 66, 68)
and other definitions covered under relevant sections
7 Chapter II - (excluding Sections 4B, 5A, 5AA, 6, 7, 7A, 7C, 7D)
8 Chapter III - (excluding Sections 23B, 29A, 30, 31, 36, 49, 56A, 57A, 59AA, 59B, 64B,
65B, and 65E)
9 Chapter IV - (excluding Sections 78 and 79)
10 Chapter V - (excluding Part II Division III, Part IV and V)
11 Chapter VII - Part II only
12 Chapter IX – Section 113 only
13 Chapter X – [(Part I, II, III) and (Part VIII - Sections 174 and 177 only)]
14 Schedules: Relevant Parts of First, Second, Third and Sixth Schedules
Income Tax Rules, 2002
15 Income tax rules related to the above provisions of the Income Tax Ordinance, 2001
Sales Tax Act, 1990
16 Clauses of Section 2: 3, 5AA, 5AB, 7, 9, 9A, 11, 12, 13, 14, 16, 17, 19, 20, 21, 22A, 25,
27, 28, 29A, 31, 33, 35, 37, 39, 40, 41, 43, 44, 46, 47, 48
17 Chapters II, III, IV and V
18 Chapter X: Section 73
Sales Tax Rules, 2006
19 Chapter I, II, III and IV

CAF-3: COST AND MANAGEMENT ACCOUNTING

Competency
Prepare, account for, record and report production cost of goods and services for managerial
decision making.
Syllabus Grid Teaching Weightage

Ref Hours
A Costs Associated with Production 45-50 35-45
B Cost Flow 20-30 20-30
C Cost Management Planning and Decisions 45-50 30-40
Total 110-130 100

Learning Outcomes
Ref Level level
A. Costs Associated with Production
a Production Cost
1 Identify elements of cost of product, job or services. P2 T1
Account for elements of cost to accumulate the cost of
2 product, job or services using absorption, marginal and P2 T2
activity-based costing.
3 Account for over or under-absorbed overheads. P2 T1
Apply inventory valuation techniques for finished goods
4 P1 T1
inventory in the absorption costing system.
b Raw Material
Apply inventory valuation and measurement techniques
1 P2 T2
for raw material inventory.
c Manufacturing Overhead
Analyze costs of production and service departments for
1 P2 T2
allocation and apportionment of production costs.
2 Calculate predetermined factory overheads rate. P2 T2
d Labour
Discuss productivity and efficiency measurement in
1 P2 T1
relation to controlling labor costs.
Explain the concept of remuneration systems, incentive
2 P2 T1
wage plans and types therein.


Learning Outcomes
Ref Level level
Compute the impact of a learning curve on the
3 P2 T1
productivity of employees.
B. Cost Flow
a Process Costing
Analyze and account for the flow of cost in the process
1 P2 T2
costing system.
Analyze and account for normal and abnormal loss,
2 P2 T1
abnormal gain and cost of rework in process costing.
Apply inventory valuation techniques on work in process
3 P2 T2
and finished goods in process costing system.
4 Analyze and account for the cost of joint and by-product. P2 T2
b Target Costing
1 Apply the target costing tools to given scenarios. P1 T2
c Variance Analysis
Compute standard rates of material, labour and factory
1 P2 T2
overhead.
2 Analyze different variances. P2 T2
C. Cost Management Planning and Decisions

a Cost-Volume-Profit
1 Analyze cost-volume-profit to support decision making P2 T2
b Special Orders
Analyze incremental cost-benefit and contribution margin
1 P2 T2
for a special order.
c Make or Buy Decisions
Analyze incremental cost-benefit and contribution margin
1 P2 T2
to take product mix, make or buy decision.
d Further Processing Decisions
Analyze incremental cost-benefit for further processing
1 P2 T2
decision.
e Shut Down and Product Discontinuation Decisions
Analyze cost-benefit to take shut down and product
1 P2 T2
continuation or discontinuation decisions.
f Economic Order Quantity (EOQ)
1 Calculate EOQ P2 T2
g Safety Stock and Re-order level
1 Calculate safety stock and re-order levels. P2 T2

reach well-reasoned conclusions
formal and informal situations
1 FIFO, weighted average, lower of cost and net realizable value methods of inventory
valuation
2 Direct and indirect cost
3 Variable, semi-variable and fixed costs
4 Repeated distribution method of apportionment of service department cost
5 Simultaneous equation method of apportionment of service department cost
6 Learning curve theory
7 Opportunity cost
8 Relevant cost
9 Breakeven analysis and charts
10 Profit/volume charts
11 Economic Order Quantity
12 Direct material total cost, price and usage variances
13 Direct labour total cost, rate, efficiency and idle time variances
14 Variable production overhead total cost, expenditure and efficiency variances
15 Fixed production overhead expenditure, efficiency and capacity variances
16 Material mix and yield variances
17 Sales Variance and Operating segments

CAF-4: BUSINESS LAW

Competency
Apply commonly used laws and regulations relevant to businesses.

Grid
Ref. hours
A Introduction to legal system 5-8 5-8
B Contract Act, 1872-Essentials 30-35 20-25
C Contract Act, 1872-Performance 35-40 25-30
D Other Business Laws 40-47 35-52
Total 110-130 100
Syllabus Proficiency Testing Level

Contents
Ref. Level
A. Introduction to legal system
Describe legislation, its forms and the process of
1 P2 T1
legislation in Pakistan.
B. Contract Act, 1872-Essentials
Identify essential elements of offer, acceptance and
1 P2 T2
revocation.
Analyze a relationship to identify valid, voidable or void
2 P2 T2
agreements.
3 Apply provisions governing contingent contracts. P2 T2
C Contract Act, 1872-Performance
Apply provisions governing the performance of
1 P2 T2
contracts.
Apply provision governing relations resembling those
2 P2 T2
created by contract.
3 Discuss consequences of breach of contract. P2 T2
4 Explain contract of agency. P2 T1
D Other Business Laws

Describe partnership, nature of the partnership, its
1 creation, types and modes of determining the existence P2 T1
of a partnership.


Contents
Ref. Level
Apply the provisions governing the relation of partners
2 P2 T2
to one another.
Apply provisions governing the relation of partners to
3 P2 T2
third parties.
Explain fundamental concepts of the promissory note,
4 P2 T1
bill of exchange and cheque.
5 Explain provisions relating to the crossing of the cheque. P2 T1
Explain basic concepts in laws related to Anti-money
6 laundering, Data protection, Electronic funds transfer, P1 T3
Competition act, arbitration.
3 Communicate clearly and concisely when presenting, discussing and reporting in formal
3 Analyze the interrelationship of ethics and law, including the relationship between
laws, regulations, and the public interest.
4 Explain the role and importance of ethics in relation to business and good governance.
1 Contract Act, 1872-Essentials

i Section 1 to 2
ii Section 3 to 9
iii Section 10 to 30C
iv Section 31 to 36
2 Contract Act, 1872-Performance
i Section 37 to 67
ii Section 68 to 72

iii Section 73 to 75
iv Section 182 to 189
3 Other Business Laws
3.1 Partnership Act, 1932
i Section 1 to 8
ii Section 9 to 17
iii Section 18 to 30
3.2 Negotiable Instruments Act, 1881
i Section 1 to 15
ii Section 122A to 131C
Anti-money Laundering Act, 2010
3.3
Section 2(xiv), 3, 4
Payment Systems and Electronic Fund Transfers Act, 2007
3.4
Section 2(s, t, za), 4, 5, 11
Overview of Prevention of Electronic Crimes Act, 2016
3.5
Section 2(ii, iii, x, xiv, xxxi), 3, 4, 5, 6, 7, 8, 9
Competition Act, 2010
3.6
Section 2(f, k, l, r), 3, 4, 10
The Arbitration Act, 1940
3.7
Section 2(a, d), 3, 4, 5, 13, 21

CAF-5: FINANCIAL ACCOUNTING AND REPORTING-II

Competency
Apply selected international standards, laws and regulations on financial reporting.

Ref. hours
A Preparation of Financial Statements 35-40 25-35
B Accounting for Non-current Assets 35-40 25-35
C Ethics and Other Areas of IFRS 40-50 35-45
Total 110-130 100

Learning Outcomes
Ref. levels levels
A Preparation of Financial Statements
Apply the principles, laws and concepts with respect to
preparation and presentation of the following:
• Statement of financial position
1 P2 T2
• Statement of comprehensive income
• Statement of changes in equity
• Notes to the financial statements
Calculate goodwill and consideration transferred in case of
2 P2 T2
business combinations.
Calculate the value of Investment in associates as per
3 P2 T1
equity method of accounting.
4 Prepare and present consolidated statements of financial

position and consolidated statement of comprehensive P2 T2
income involving a single subsidiary and associate.
B Accounting for Non-current Assets
Apply the principles and concepts with respect to
recognition, classification and measurement of financial
instruments including preparation of journal entries
1 P2 T1
(excluding impairment, reclassification, derivatives,
embedded derivatives, hedge accounting, de-recognition
and modification).
Apply the principles and concepts for recognition,
measurement, presentation and disclosure of Leases
2 P2 T2
(Excluding modification, sale and lease back and
reassessment).


Learning Outcomes
Ref. levels levels
Apply the principles and concepts for recognition and
measurement of intangible assets and expense; and
3 P2 T2
measurement after recognition and disclosure of
intangible assets (including website costs).
measurement at and after recognition and disclosure of
4 P2 T1
biological assets, agriculture produce and government
grants related to a biological asset.
C Ethics and Other Areas of IFRS
a Ethics
Describe with simple examples the fundamental principles
1 P2 T1
of professional ethics.
Apply the conceptual framework to identify, evaluate and
2 address threats to compliance with fundamental P2 T1
principles.
Explain using simple examples the ethical responsibilities
3 of a Chartered Accountant in the preparation and reporting P2 T1
of financial information.
b Other Areas of IFRS
Apply the principles and concepts with respect to
1 disclosure and measurement of operating and reportable P2 T1
segments.
2 measurement and disclosure of adjusting and non- P2 T2
adjusting events after the reporting period.
3 measurement and disclosure of Provisions, Contingent P2 T2
liabilities and Contingent assets.
4 measurement, presentation and disclosure of Revenue P2 T2
from contracts.
5 measurement and disclosure of current tax and deferred P2 T2
tax asset and liability (excluding Business Combinations)
Apply principles and concepts in respect of effect of
6 changes in foreign exchange rates on foreign currency P2 T1
transactions.

Evaluate data and information from a variety of sources and perspective through
1
Apply critical thinking skills to solve problems, inform judgements, make decisions and
2
reach well-reasoned conclusions
Communicate clearly and concisely when presenting, discussing and reporting in
3
Respond effectively to changing circumstances or new information to solve problems,
4
Apply critical thinking when identifying and evaluating alternatives to determine an
2
Apply the relevant ethical requirements to professional behavior in compliance with
3
standards.
4 Explain the nature of ethics.
Evaluate the significance of threats to compliance with the fundamental principles of
6
ethics and respond appropriately.
Apply ethical principles of ethics when collecting, generating, storing, accessing, using
7
and sharing data and information.
1 IAS 1: Presentation of Financial Statements

2 IAS 10: Events after the reporting period
3 IAS 12: Income Taxes
4 IAS 21: The effect of changes in foreign exchange rates
5 IAS 28: Investments in associates and joint ventures
6 IAS 37 and IFRIC 1: Change in Existing Decommissioning, Restoration and Similar
Liabilities.
7 IAS 38 and SIC 32: Intangible assets – Website costs
8 IAS 41: Agriculture
9 IFRS 3: Business Combinations
10 IFRS 8: Operating Segments
11 IFRS 9: Financial Instruments
12 IFRS 10: Consolidated Financial Statements

13 IFRS 15: Revenue from Contracts with Customers

14 IFRS 16: Leases
15 Companies Act, 2017 Third, Fourth schedule and Fifth schedules
16 Code of Ethics, (Revised) 2019 (sections 100-120, 220)

CAF-6 MANAGERIAL AND FINANCIAL ANALYSIS

Competency
Apply business and financial analysis on business problems.

Ref. Hours
A Managerial Analysis 40-45 30-40
B Financial Analysis and Risk Management 45-55 30-40
C Budgeting 25-30 25-35
Total 110-130 100
Syllabus Contents Proficiency Testing

Ref. level level
A Managerial Analysis
a External Analysis
1 Analyze impacts of political, legal and social
P2 T2
environment on a business organization.
2 Analyze technological disruption and opportunities for a
P2 T2
business organization.
3 Analyze impacts of economic environment on a
P2 T2
4 Analyze impacts of competitive environment on a
P2 T2
b Internal Analysis
1 Analyze the internal environment of an organization. P2 T2
2 Explain the adequacy of manual and technology-based
systems, processes and controls for collecting,
P2 T2
generating, storing, assessing, using or sharing data and
information.
Apply Information and Communication Technologies to
3 enhance the efficiency and effectiveness of an P2 T2
organization’s systems.
c Ethical Decision making
1 Analyze a business situation using ethical-decision P2 T2
making models.

Syllabus Contents Proficiency Testing

Ref. level level
B Financial Analysis and Risk Management
Discuss various sources of finance including debt, equity
1 P1 T1
and Islamic finance.
Compute Cost of equity, cost of debt and the weighted
2 P2 T1
average cost of capital.
Analyze capital asset’s sensitivity to systematic risk,
3 P2 T2
expected return of market and risk-free assets.
4 Apply risk management techniques on business entities. P2 T2
Apply financial risk management techniques on
5 P2 T2
business entities.
C Budgeting
1 Prepare budget using external and internal analysis and P2 T2
quantitative techniques.
2 Analyze an organization’s cash flow and working capital P2 T2
requirements.
3 Compute NPV, IRR and Payback for a given project P2 T2
1 Evaluate data and information from variety of sources and perspective through
integration and analysis.
2 Apply critical thinking skills to solve problems, inform judgements, make decisions
and reach well-reasoned conclusions
4 Respond effectively to changing circumstances or new information to solve
problems, inform judgements, make decisions, and reach well-reasoned conclusions.
1 SWOT Analysis
2 Porter’s Five Forces Model

3 Product Life Cycle Model

4 Boston Consulting Group Matrix
5 Ethical decision making - Tucker’s 5-question Model (Presented by Graham Tucker)
6 Ethical decision making - American Accounting Association 7-step Model
7 ISO 31000 Risk management — Guidelines issued by International Standardization
Organization
8 Capital Asset Pricing Model
9 Hedging interest rate : Futures, Options and Forward agreement excluding hedge efficiency
10 Hedging Foreign Exchange : Currency futures, Options, Forward and Money Market hedge
excluding hedge efficiency
11 Commodity and security: Forward and future contracts

CAF-7: COMPANY LAW

Competency
Apply laws and regulations that govern limited and unlimited liability companies.

Ref. Hours
A Incorporation and Issuance of Shares 15-20 15-20
B Management and Administration 35-38 20-25
C Meetings and Proceedings, Directors and Chief Executive 35-40 20-30
D Accounts and Dividends 10-12 15-20
E Winding up 15-20 15-20
Total 110-130 100

Learning Outcomes
Ref. level level
A Incorporation and Issuance of Shares
1 Discuss the provisions of law relating to business, P2 T2
objects and incorporation of different kinds of
companies.
2 Discuss the provisions of law relating to the issuance of P2 T1
shares.
B Management and Administration
1 Apply provisions related to registration of mortgages P2 T2
and charges.
2 Apply the provisions of law relating to management, P2 T2
administration, investment and disclosure of interest.
C Meetings and Proceedings, Directors and Chief
Executive
1 Discuss the provisions of law relating to meetings and P2 T2
proceedings.
2 Discuss the provisions of law relating to directors and P2 T2
chief executive.
D Accounts and Dividends
1 Discuss provisions of law relating to accounts and P2 T2
dividends.
E Winding up
1 Discuss provisions of law relating to winding up. P2 T2

1 Analyze information through integration and analysis.

2 Apply critical thinking skills to address problems and reach well-reasoned conclusions
3 Communicate clearly and concisely when presenting and discussing in formal and
informal situations
2 Apply critical thinking when identifying and analyzing alternatives to determine an
4 Explain the role and importance of ethics in relation to business and good
governance.
1 Companies Act 2017

i Sections: 2(4, 5, 8, 9, 10, 11, 14, 15, 16, 19, 17, 18, 20, 21, 25, 33, 34, 37, 38, 42, 45, 46,
49, 52, 54, 57, 63, 65, 66, 68, 71, 73, 74), 4, 7, 9 to 22, 24 to 43, 53 to 55, 57
ii 58 to 62, 85
iii 100, 105 to 109, 110, 112
iv 118, 125, 130, 199, 200, 204 to 208, 211
v 131-168, 170, 171, 174, 176 to 192, 194 to 196
vi 220, 223,226 to 229, 232 to 234, 237, 240-243
vii 293, 301, 302, 304 to 306, 315, 320, 321, 347, 381, 382
viii First Schedule (Table A)
2 Companies (Distribution of Dividends) Regulations, 2017
Regulation 2(vi, viii), 3,4 (1)(2)
3 Companies (Manner and Selection of Independent Directors Regulations, 2018)
Regulation 4
4 Securities Act, 2015
Sections: 2(xii ), 87(2),(4),(5),(6),(7); 88(1-8); 89 to 93

CAF-8: Audit and Assurance

Competency
Apply knowledge of general concepts, principles, skills and techniques of auditing and selected
International Standards on Auditing, Assurance and Ethics.
Syllabus GRID Teaching Weightage

Ref. hours
A Audit Framework, Regulations and professional ethics 25-30 15-25
B Planning and Risk Assessment 20-25 15-20
C Audit Evidence and Internal Controls 50-55 45-55
D Conclusion and Reporting 15-20 10-15
Total 110-130 100

Learning Outcomes
Ref. Level Level
A. Audit Framework, Regulations and professional ethics
a Basic Concepts
1. Describe briefly the history, vision, mission, objectives and
functions of the international auditing and assurance
standards board (IAASB).
2. Discuss the types, scope and inherent limitations of an
External Audit.
3. Discuss the concepts of true and fair view, professional P1 T1
skepticism, professional judgement, accountability and
stewardship.
4. Discuss the responsibility of management, those charged
with governance and external auditors in relation to
financial statements.
b Concept of assurance and non-assurance engagements
1. Discuss the types and levels of the assurance engagement.
2. Discuss briefly the non-assurance engagements related to P1 T1
Preparing Accounting Records and Financial Statements,
Valuation Services and Recruitment Services.
c Agreeing the terms of Audit Engagements
1. Discuss the concept, importance and the contents of
Engagement Letter.
P1 T1
2. Discuss factors to be considered in the case of recurring
audits.


Learning Outcomes
Ref. Level Level
3. Discuss Preconditions for an audit and Course of action in
the case when preconditions are not present.
d Quality Control Procedures
1. Explain the overall objectives and importance of quality
control procedures in conducting an audit.
2. Explain briefly the quality control procedures for acceptance P1 T1
and continuance of client relationship and engagement,
engagement performance and monitoring.
e Appointment, removal and qualification of auditors
1. Discuss the requirements related to appointment, removal, P2 T2

fee, qualification and disqualification of auditors.
2. Discuss the objectives, rights and duties of external auditors P1 T1
in relation to the Financial Statement.
f Code of Ethics
1. Discuss fundamental principles and threats to P2 T2
Independence and Objectivity.
2. Discuss the circumstances that cause threats and explain the
safeguards to offset threats to compliance with the
fundamental principles and threats to independence and
objectivity.
3. Explain the matters to be considered by an audit firm in the
following circumstances:
• Client acceptance
• Engagement acceptance
B Planning and Risk Assessment
a Planning an Audit
1. Discuss the importance of planning an audit and the content
of an audit strategy and detailed audit plan.
2. Discuss preliminary engagement activities.
3. Discuss additional considerations in initial audit
P1 T1
engagements.
4. Discuss briefly the concept of interim and final audit and list
the audit procedures that can be performed by the external
auditor at the interim and final stage of an audit.
b Audit Documentation
1. Discuss the importance of audit documentation including
custody, ownership, confidentiality and retention.
P1 T1
2. Discuss types of working papers (Permanent and current),
including automated and standardized working papers.


Learning Outcomes
Ref. Level Level
3. Discuss factors to be considered in determining the form
and content of audit documentation.
c Risk identification and Assessment
1. Define audit risk and its components.
2. Explain audit risk from the given scenario and the auditor’s
response to the risk identified.
3. Explain why auditors obtain an understanding of the entity
and its environment.
4. Explain the matters about which the auditor will obtain an
P2 T2
understanding of the entity and its environment.
5. Explain how the auditor will obtain an understanding of the
entity and its environment.
6. Explain the purpose of risk assessment procedures at the
planning stage of an audit.
7. Discuss documentation.
d Materiality in planning and performing an Audit
1. Explain the concepts of materiality, qualitative materiality,
revision in materiality, performance materiality.
2. Explain how materiality is calculated. P2 T2
3. Explain the application of materiality on audit.
4. Discuss documentation of materiality.
e Fraud and Error
1. Define fraud and error and discuss their differences.
2. Discuss types of Fraud.
3. Discuss the responsibility of Management, those charged
with governance and external auditor with respect to fraud.
4. Discuss risk assessment procedures with respect to fraud by
P2 T2
the External Auditor.
5. Discuss response to the assessed risk of material
misstatement due to fraud (at the financial statement level).
6. Identify fraud risk factors and circumstances that indicate
the possibility of fraud in simple scenarios.
C Audit evidence and Internal Controls
a Audit Evidence
1. Define audit evidence and discuss methods to obtain audit
evidence.
2. Discuss the concept of Sufficient and appropriate audit
evidence. P1 T1
3. Explain types of audit procedures.
4. Define financial statement assertions.


Learning Outcomes
Ref. Level Level
b External Confirmation
1. Define external confirmation, types, methods and
significance of external confirmation.
2. Discuss planning and design of External Confirmation.
3. Discuss the course of action in the case of reply from third
parties (both in the case of positive and negative
P2 T2
confirmations).
4. Discuss the course of action if management refuses to allow
the auditor to send confirmation.
5. Discuss the concept of exception and procedures to be
performed in the case of an exception.
c Analytical procedures
1. Explain analytical procedures and their various types. P2 T2
2. Discuss factors to be considered when using analytical
procedures as substantive procedures.
3. Discuss the importance of analytical procedures at the
planning stage and when forming an overall conclusion / at
the end of the audit.
4. Interpret accounting ratios along with audit risk.
d Audit Sampling
1. Explain audit sampling and its purpose.
2. Explain the concept of 100% testing and selection technique
including factors to be considered in this regard.
3. Discuss methods of sampling (Statistical and non-
statistical).
4. Explain the concept of sampling risk and non-sampling risk.
5. Explain the concept of Stratification. P1 T1
6. Discuss the concept of misstatement and rate of deviation
including expected and tolerated.
7. State the audit procedures to be performed on the selected
sample.
8. Discuss the concept of projecting misstatement and
evaluating the results of audit sampling.
e Subsequent Events
1. Explain requirements related to subsequent events and the
auditor’s responses.
2. Describe the auditor’s responsibility in respect of the
P2 T2
following situations:
- Events occurring between the date of the financial
statements and the date of the auditor’s report.


Learning Outcomes
Ref. Level Level
- Facts that become known to the auditor after the date of
the auditor’s report but before the date the financial
statements are issued.
- Facts that become known to the auditor after the financial
statements have been issued.
f Going Concern
1. Discuss the concept of going concern assumption.
2. Discuss the responsibility of management and external
auditors with respect to going concern.
3. Explain potential indicators that an entity is not a going
concern.
P2 T2
4. Discuss the procedures to be applied in performing going
concern reviews and additional procedures when events or
conditions are identified.
5. Explain the impact on the audit report in the case of going
concern.
g Written Representation
1. Explain written representation.
2. Discuss the course of action when there is a doubt as to the
reliability of written representation.
3. Discuss the course of action in the event when
management does not provide the requested written P2 T2
representation.
4. Explain the impact on the audit report in the case there is a
doubt about the reliability of written representation and
when such is not provided by the management.
h Substantive Procedures
1. Explain the audit procedures to verify:
- Profit and loss items (Sales, Purchases, payroll expense,
Bad debt expense)
- Balance Sheet Items (Cash in hand, Cash at Bank,
Tangible and Intangible Fixed Assets, Debtors, Trade
Payables, Inventory, Long term loan, Various types of P2 T2
provisions)
- litigation and claims
- segment information
2. Explain the audit procedures for relevant and specific
financial statement assertions.
i Internal Control and Test of Controls
1. Explain internal control and its components. P2 T2


Learning Outcomes
Ref. Level Level
2. Discuss the objectives and limitation of an accounting and
internal control system.
3. Discuss how the internal control system is documented
through various methods.
4. Discuss the concept of Walkthrough Test and the difference
between Walk through Test and Test of Controls.
5. Discuss internal controls of a small company/entity.
6. Explain the risk, controls and test of controls to be
performed on major transition cycles (Sales system,
purchase system, inventory system, bank and cash system,
payroll system and revenue and capital expenditure
system).
j Using the work of others
1. Discuss the concepts and functions of the internal audit
department.
2. Explain the difference b/w the external audit and internal
audit.
3. Explain how the work of internal auditors is evaluated and
direct assistance of internal auditors is used.
4. Explain areas where an auditor’s expert can be used by the
P2 T2
external auditor.
5. Explain factors to evaluate the competence, capability and
objectivity of the auditor’s expert.
6. Explain how the adequacy of the auditor’s expert’s work can
be evaluated.
7. Explain how reference to the Auditor’s expert is made in the
auditors’ report.
k Related Party
1. Describe the term related party using simple examples.
2. Discuss how related party transactions can give rise to the
risk of material misstatement using simple examples.
3. Describe the audit procedures including risk assessment P2 T2
procedures and related activities to obtain information
relevant to identifying the related party relationships and
transactions including responses to the assessed risk of
material misstatement.
l Computer Assisted Audit Techniques and General & Applicable
IT Controls
1 Explain the concept of Computer Assisted Audit
Techniques, Test Data and Audit Software and their
advantages and disadvantages. P2 T2
2 Describe general I.T controls and Application I.T controls.


Learning Outcomes
Ref. Level Level
D Conclusions and Reporting
a External Audit Report
1. Discuss the concept of unmodified and modified opinions.
2. Discuss the contents of an audit report.
3. Discuss additional reporting responsibilities.
4. Discuss the format and content of key audit matters (KAM),
emphasis of matter paragraph (EOMP) and other matter
paragraph (OMP).
P1 T2
5. Discuss the relationship of KAM with other content of audit
report.
6. Discuss circumstances where EOMP and OMP are/may be
necessary.
7. Discuss the relationship of EOMP and OMP with other
content of audit report.
8. Discuss the impact on the audit report via various types of
P2 T2
opinions in scenario-based questions.
b Engagement to Review Financial Statements
1. Discuss the concept and scope of a review engagement.
2. Explain Difference b/w audit and review engagement.
P1 T1
3. Discuss the procedures to be performed by the practitioner
in the case of a review engagement.
laws, regulations and the public interest.


5 Apply ethical principles of ethics when collecting, generating, storing, accessing, using
1 ISA 200: Overall objectives of the Independent Auditor and the conduct of an audit in
accordance with International Standards on Auditing
2 ISA 210: Agreeing the terms of audit engagement
3 ISA 220: Quality Control for an audit of financial statements
4 ISA 230: Audit documentation
5 ISA 240: The auditor’s responsibilities relating to fraud in an audit of financial
statements(including appendix 1 and 3)
6 ISA 300: Planning an audit of financial statements
7 ISA 315(revised): identifying and assessing the risk of material misstatement through
understanding the entity and its environment
8 ISA 320: Materiality in planning and performing an audit
9 ISA 330: The auditor’s response to assessed risks
10 ISA 500: Audit evidence
11 ISA 501: Audit evidence-specific considerations for selected items
12 ISA 505: External confirmations
13 ISA 520: Analytical procedures
14 ISA 530: Audit Sampling
15 ISA 560: Subsequent Events
16 ISA 570: (Revised) Going Concern
17 ISA 580: Written representations
18 ISA 610(revised 2013): Using the work of internal auditors
19 ISA 620: Using the work of an auditor’s expert
20 ISA 700(revised): Forming an opinion and reporting on Financial statements
21 ISA 701: Communicating Key audit matters in the Independent auditor’s report
22 ISA 705 (revised): modifications to the opinion in the independent auditor’s report
23 ISA 706 (revised): emphasis of matter paragraphs and other matter paragraphs in the
independent auditor’s report
24 ISRE 2400: Engagements to review historical financial statements
25 Companies Act 2017 (Sections 246 to 251)
26 ICAP Code of Ethics for Chartered Accountants revised 2019 (Sections 100-120, 320 and
330)

HANDS-ON COURSE ON PRESENTATION

AND PERSONAL EFFECTIVENESS
Competency
Improved presentation and personal effectiveness through critical evaluation of information.
*Length of the Course: Minimum 70 hours
Syllabus Proficiency
Contents
Ref Level
A Professional Skepticism and Professional Judgments
Apply a questioning mind when assessing data and information
1 P3
received.
2 Apply curiosity by exploring beyond what is immediately apparent. P3
3 Identify inconsistencies and contradictions in representations. P3
4 Identify personal and organizational biases. P3
Apply critical thinking when identifying and evaluating alternatives to
5 P3
determine an appropriate course of action.
6 Exercise professional judgement. P3
B Interpersonal and Communication Skills
1 Apply self-esteem enhancement techniques while communicating. P3
2 Apply emotional intelligence techniques. P3
3 Apply active listening skills and interviewing techniques. P3
Communicate clearly, concisely and objectively using appropriate non-
4 P3
verbal aspects.
Apply negotiation and consultative skills to present solutions or
5 P3
arguments.
Apply time management skills to evaluate, present and negotiate ideas
6 P3
effectively.
7 Apply collaboration, cooperation and teamwork. P3
8 Identify cultural and language differences in all communication. P3
*363rd Council meeting dated December 8-9, 2022.

Specific Examinable Professional Skills
research, integration, and analysis.
3 Apply collaboration, cooperation and teamwork when working towards organizational
goals
5 Identify cultural and language differences in all communication.
6 Apply active listening and effective interviewing techniques.
7 Apply negotiation skills to reach solutions and agreements.
8 Apply consultative skills to minimize or resolve conflict, solve problems, and maximize
opportunities.
9 Present ideas and influence others to provide support and commitment.
Specific Examinable Professional Values and Ethics
2 Apply techniques to reduce bias, when solving problems, informing judgements,
making decisions and reaching well-reasoned conclusions.
1 Mind Maps, Fishbone Diagrams and Affinity Diagrams
Key Examinable Activities
1 Monologue
2 Declamation
3 Role plays
4 Presentations
5 Group discussions
6 Job Interviews
7 Feedback

HANDS-ON COURSE ON MS OFFICE

Competency
Apply skillsets using MS Office tools to drive productivity and professionally present information
at workplace.
Syllabus Ref. Grid Minimum Weightage

Coaching
hours
A MS Word 20 25-35
B MS Excel 30 35-45
C MS PowerPoint 20 25-35
Total 70 100
Proficiency
Syllabus Ref. Contents
Level
A Microsoft word
Navigate and perform common tasks in Word, such as opening,
1 P2
viewing, editing, saving, and printing documents.
Format text and paragraphs, perform repetitive operations
2 efficiently using tools such as Find and Replace, Format Painter, and P2
Styles.
Create and format tables, insert graphic objects into a document,
3 including symbols, special characters, illustrations, pictures, and P2
clip art.
Format the overall appearance of a page through page borders and
4 P2
colors, watermarks, headers and footers, and page layout.
Use Word features to help identify and correct problems with
5 P2
spelling, grammar, readability, and accessibility.
6 Use Mail Merge feature to create letters, envelopes, directory etc. P2
Insert and modify bibliography, endnotes, footnotes, captions,
7 P2
comments & cross references.
Use various Word features to present letters, reports and other
8 P2
documents in a presentable custom style.
B Microsoft Excel
1 Discuss the layout, features, commands and terminologies. P2
2 Format worksheet and organize data. P2
3 Apply security to Files, Workbooks and Worksheets. P2
4 Create and manage tables. Apply format, style, filter and sort etc. P2

Use advance filtering options and familiarize with filtering unique

5 P2
records, multiple criteria-based filtering, and dynamic filtering.
Construct formulae using functions (Mathematical, Statistical,
6 Financial, Date / Time, Text, Information. Logical, Lookup and P2
Reference), cell references, constants and operators.
7 Analyze data, visualize data with charts. P2
Prepare and analyze data for PivotTable reporting and create
8 P2
PivotTables from various data sources. Work with Pivot Charts.
9 Create Dashboards using tables, charts, pivot tables and slicers. P2
Discuss Power Pivot, create the data model and import data into
10 P2
Power Pivot.
11 Use calculations in Power Pivot. P2
C Microsoft Power point
1 Identify the basic features and functions of PowerPoint. P2
Discuss basics of slides, populate content, apply themes and
2 P2
transitions.
Insert, format, align, order, group and animate the text, pictures,
3 P2
shapes and other objects.
4 Insert and format tables, charts, SmartArt graphics and media. P2
Create and manage presentations by formatting and modifying
5 P2
Master slide and use multiple master slides.
Apply slide transitions and animations. Using various effects setting
6 P2
up the timing for transition and animations.
Merge contents from various presentations keeping source or
7 P2
destination formatting.
Prepare to deliver your presentation. Use printing Notes Pages, P2
8
Handouts and Slides for PowerPoint.
3 Apply fundamental principles of ethics when collecting, generating, storing, accessing,
using, or sharing data and information.
4 Ability to work with sensitive information in an ethical and secure manner.

5 Ability to adapt to changes in technology.

6 Willingness to continuously learn and improve skills.
1 Knowledge of best practices and industry standards for using MS Office.

2 Format, style, security
3 Sort, filter, advance filter, find, replace data as required
4 Print, save, edit, review, collaboration
5 Layout, view, table tools, smart art and media
MS Excel functions as provided below:
a) Mathematical functions [SUM, SUMIF, SUMIFS, SUBTOTAL, TRUNC, ABS, ROUND,
ROUNDDOWN, ROUNDUP, FLOOR, CEILING, RAND, RANDBETWEEN, SEQUENCE
(365)]
b) Statistical functions [AVERAGE, COUNT, COUNTA, COUNTIF, COUNTIFS,
COUNTBLANK, MAX, MIN]
c) Date / Time Functions [DATE, NOW, TODAY, DAY, MONTH, YEAR, WEEKNUM,
6 EOMONTH, EDATE, WEEKDAYS, WEEKEND]
d) Financial functions [NPV, IRR, PMT]
e) Text functions [CONCATENATE, LEFT, RIGHT, LEN, LOWER, UPPER, PROPER, TEXT,
TEXTJOIN (365), TEXTSPLIT (365), FIXED, TRIM]
f) Information functions, ISERROR, IFERROR, ISBLANK, ISNA, TYPE]
g) Logical functions [IF, IFS, AND, OR, NOT, SWITCH]
Lookup and Reference functions [CHOOSE, LOOKUP, HLOOKUP, VLOOKUP, XLOOKUP
(365), INDEX, MATCH, OFFSET, TRANSPOSE, FORMULATEXT]
7 Charts, Pivot Tables, Pivot Charts and Power Pivot including DAX
8 Dashboards
9 Slides transition and animations

HANDS-ON COURSE ON DATA MANAGEMENT & ANALYTICS

Competency
Apply enhanced skillset of data management, analysis and business intelligence to respond to the
needs of emerging workplace.
Grid Ref Grid Minimum Weightage

Coaching
hours
A Data and Database Management System 16 15-20
B Big Data, Data & Business Analytics 18 -20-25
C Data Description and Diagnostics 20 20-25
D Data Visualization & Classification 16 15-20
E Data Prediction and modeling 20 20-25
Total 90 100
Contents
Ref Level
A Data and Database Management systems

Discuss popular database management systems and Structured Query P2
1
Language (SQL).
2 Use SQL commands to perform extract and analyze data. P2
Discuss core features and main components of ERP systems and how
3 P1
data can be extracted from an ERP using SQL.
Discuss fundamentals of big data cloud services, e.g., google cloud (big-
4 P1
query), AWS, and Azure.
Discuss No-SQL, object databases, graph database, and unstructured
5 P1
documents (pdf, docx) search (Multiple data sources).
B Big Data, Data & Business Analytics
1 Discuss Big Data modeling on cloud infrastructure. P1
Prepare for collection, storage, and organization of data using Big Data
2 P1
solutions for business organizations.
Apply statistics tools for Predictive modeling using Regression,
3 P2
Clustering and Classification analysis.
4 Apply time series data analysis and forecasting. P2
C Data Description and Diagnostics
1 Introduction to Python and its libraries. P1

Contents
Ref Level
Use Python descriptive and statistical analysis of financial, accounting

2 P2
other business data.
Discuss use of Python in audit, assurance and related services context
P1
3 for evaluating internal controls, gathering evidence and drawing
conclusions.
D Data visualization and classification
Perform Data Extraction, Transformation and Loading (ETL) using Python
1 P2
and Power Query.
2 Develop Data insights using Python. P2
3 Perform data visualization techniques using Python and Power BI. P2
E Data prediction and modeling
Use machine learning model for predictive data analysis and data driven
1 P2
decision making.
Apply supervised and unsupervised machine learning techniques on
2 P2
business problems.
Apply AutoML, and cloud services to train models with minimal code or
3 P2
no code, e.g., hugging face autoML, vertextAI, etc.
4 Apply model deployment and inference pipeline. P2
3 Apply fundamental principles of ethics when collecting, generating, storing,
accessing, using, or sharing data and information.

1 Conceptual schema, relational database design, normalization

2 SQL for data extraction and analysis
3 Core features and components of ERP systems and data extraction from ERP using SQL
4 Big Data Infrastructure Plan and Information System Design
5 Strategies for handling and processing Big Data
6 Open-source frameworks for Big Data
7 Collection, storage, and organization of data using Big Data solutions for business
organizations
8 Data integrity and control processes in business and finance
9 Gartner’s Model (Descriptive, diagnostics, predictive and prescriptive analytics)
10 Predictive modeling using regression, clustering, and classification analysis
11 Python and its libraries
12 Python for descriptive and statistical analysis of business data (mean or average,
median, quartile, maximum, minimum, range, variance, and standard deviation)
13 Create plots, graphs, tables using python and its libraries
14 Hierarchical Clustering, Nonhierarchical Clustering
15 Cluster and Association
16 Correlation, Hypothesis Testing
17 Python in audit, assurance, and related services for evaluating internal controls and
gathering evidence
18 Data Extract, Transform, and Load (ETL) using Python and Power Query
19 Development of data insights using Python
20 Data visualization techniques using Python and Power BI
21 Machine learning models for predictive data analysis
22 Implications of AI and robotics in data prediction and validation
23 Use of smart software and applications for data prediction and results validation
24 Application of supervised and unsupervised machine learning techniques on business
analytics.
25 Data Analytics Cases on:
• Consumer Demand, Pricing and Revenues
• Customer Value, Segmentation and Share of Wallet
• Product Profitability and Channel Optimisation
• Supply Chain Optimisation

• Predictive Maintenance
• Operational Efficiency
• Fraud and Risk Assessment
• Business Portfolio Assessment
• Business Valuation Metrics

HANDS-ON COURSE ON FIN-TECH

Competency
Apply enhanced skillset to manage and foresee impact of technology on financial decision making
to respond to the needs of the emerging workplace.
Grid Minimum Weightage

Coaching hours
Business Technology 8 5-10
Digital Transactions, Funding and Investments 26 25-30
Financial Trends & Analytics 44 45-50
Security, Risk and Regulations 12 10-15
Total 90 100
Proficiency
Syllabus Contents
Level
Ref.
A Business Technology
1 Discuss Fintech Overview including: AI, Blockchain, Cloud, IoT, Data, P1
Cybersecurity.
2 Discuss FinTech infrastructure including the impact of the changing P1
technologies within finance and Banking.
3 Discuss and identify market size and major players in the market, P1
including startups, Banks, consumers and governments.
B Digital Transactions, Funding and Investments
1 Develop understanding of the digital payments and remittances. P2
2 Discuss payment operations Processes, Procedures and Policies P1
including settlement and reconciliation processes.
3 Identify elements of block chain, cryptocurrencies, crowdfunding and P1
other alternative finance technologies (design, uses and limitations).
Understand initial coin offering.
4 Discuss introduction to Decentralized Finance (DeFi), how it is different P1
from Centralized Finance. Discuss lending and other financial
operations using digital technologies.
5 Discuss data-driven finance using existing case studies. P1
6 Discuss Global and Pakistan’s FinTech landscape with the case studies. P1
C Financial Trends and Analytics
1 Perform coding using Python. P2

Proficiency
Syllabus Contents
Level
Ref.
2 Use Python to analyze data trends for payments, credit lending, P2
crowdfunding and other retail and business decisions.
3 Use Python/R for basic descriptive, diagnostic and predictive analytics P2
on financial data.
D Security, Risk and Regulations
1 Discuss regulation and ecosystems for FinTech regulations. Understand P1
key challenges relating Digital Financial Services in Pakistan.
2 Discuss overview of Risk Management Process and security standards. P1
Discuss cyber security framework and risk mitigation solutions for
business organizations.
3 Discuss threats and vulnerabilities regarding privacy and digital P1
identities. Understand process of penetration testing and vulnerability
assessment.
4 Discuss the importance of disaster recovery and business continuity in P1
relation to FinTech solutions.
2 Apply critical thinking when identifying and evaluating alternatives to determine

an appropriate course of action.
3 Apply fundamental principles of ethics when collecting, generating, storing,
accessing, using, or sharing data and information.
Key Examinable Knowledge Reference
1 Banking and payments industry

2 FinTech technologies including AI, Blockchain, Cloud, IoT, Data, and Cybersecurity
3 Impact of changing technologies on finance and banking

4 Digital payments and remittances, settlement and reconciliation processes

5 Blockchain ecosystems
6 Cryptocurrencies, crowdfunding, initial coin offerings, and decentralized finance
7 Python for descriptive, diagnostic, and predictive analytics
8 Regulatory environment and challenges for FinTech in Pakistan
9 Risk management and security standards, cyber security framework and mitigation
solutions
10 Cybersecurity models (the CIA triad, the star model, the Parkerian hexad)
11 The information security lifecycle
12 The Risk Management Framework (RMF)
13 Threats and vulnerabilities regarding privacy and digital identities, penetration
testing and vulnerability assessment
14 Disaster recovery and business continuity in relation to FinTech solutions.
15 Contingency Planning
16 FinTech Regulations (National Financial Inclusion Strategy, Government of Pakistan
17 Regulatory Technology

PROFESSIONAL VALUES, ETHICS AND ATTITUDE (PVEA)
Competency
Apply professional values, ethics and attitude in accordance with the requirements of International
Education Standards issued by IAESB of IFAC.
Syllabus
Contents
Ref
A Part I Understanding Ethics and Human Behaviours
1. Explain the nature of ethics
2. Explain the advantages and disadvantages of rules-based and principles-based

approaches to ethics
3. Explain the role of ethics in relation to business and good governance
4. Explain the role of ethics within the profession and in relation to the concept of social
responsibility
5. Explain the different models of ethical decision making
B Part II Understanding Models of Ethical Decision making
1. Apply the fundamental ethical principles of integrity, objectivity, professional
competence and due care, confidentiality, and professional behavior to ethical
dilemmas and determine an appropriate resolution
2. Apply the relevant ethical requirements to professional behavior and compliance with
standards
3. Analyze the interrelationship of ethics and law, including the relationship between
laws, regulations, and the public interest
4. Analyze the consequences of unethical behavior to the individual, to the profession,
and to society at large
C Part III Reflective Activities
1. Exercise professional judgment
2. Act in an ethical manner that is in the public interest

CFAP-1: ADVANCED ACCOUNTING AND FINANCIAL REPORTING

Competency
Prepare, analyze, and report relevant and faithfully represented financial information.
Syllabus Learning Weightage

*Grid
Ref hours
A Consolidated Financial statements 45-50 20-30
B Financial Reporting-Financial instruments 40-45 20-30
C Financial Reporting-Others 45-50 30-40
D Specialized Financial Statements and Areas and Ethics 25-35 10-15
Total 155-180 100

Learning Outcomes
Ref Level Level
A Consolidated Financial Statements
Apply the principles, laws and concepts with respect to the
1 preparation and presentation of Consolidated Financial P3 T3
Statements.
B Financial Reporting-Financial instruments

Apply International Financial Reporting Standards (IFRSs)
including appropriateness of accounting policies used to prepare
financial statements to:
1 a. Financial instruments P3 T2
b. Fair Value Measurement
c. Impairment of Assets
d. The Effects of Changes in Foreign Exchange Rates
C Financial Reporting-Others
Apply International Financial Reporting Standards (IFRSs)
including appropriateness of accounting policies used to prepare
financial statements to:
a. Employees benefits
b. Share-based Payment
c. Non-current Assets Held for Sale and Discontinued
1 Operations P2 T2
d. Revenue from Contracts with Customers
e. Leases
f. Income Taxes
g. Related Party Disclosures
h. Interim Financial Reporting
*363rd Council Meeting held on December 8-9, 2022.

D Specialized Financial statements and Areas

Apply the principles, laws and concepts with respect to
preparation and presentation of disclosures of the
following:
1 a. Small and medium-sized entities P1 T1
b. Banks
c. Mutual funds
d. Insurance companies
2 Account for and report retirement benefit plans. P1 T1
Apply the IFRSs on:
a. First-time Adoption of International Financial
Reporting Standards
b. Insurance Contracts
3 c. Exploration for and evaluation of Mineral P2 T1
Resources
d. Regulatory Deferral Accounts
e. Financial Reporting in Hyperinflationary
Economies
4 State overview of Islamic Accounting Standard issued by P1 T1
ICAP.
5 State overview of IPSASs and The Conceptual Framework P1 T1
for General Purpose Financial Reporting by Public Sector,
Presentation of Financial Statements and Financial
Reporting Under the Cash Basis of Accounting.
E Ethics
1 Apply the requirements of code of ethics for professional P3 T2

accountants working in business.
2 Identify when it is appropriate to consult with specialists..


4 Evaluate the significance of threats to compliance with the fundamental principles of
ethics and respond appropriately
5 Analyze the consequences of unethical behavior to the individual, the profession, and
the public.
A Consolidated Financial statements

1 IFRS 3 Business Combinations
2 IFRS 10 Consolidated Financial Statements
3 IFRS 11 Joint Arrangements
4 IFRS 12 Disclosure of Interests in Other Entities
5 IAS 7 Preparation of statement of cash flows (only Consolidated)
6 IAS 27 Separate Financial Statements
7 IAS 28 Investments in Associates and Joint Ventures
B Financial reporting-Financial instruments
1 IFRS 7 Financial Instruments: Disclosures
2 IFRS 9 Financial Instruments (including IFRIC 16 & 19)
3 IFRS 13 Fair Value Measurement
4 IAS 21 The Effects of Changes in Foreign Exchange Rates (including IFRIC 22)
5 IAS 32 Financial Instruments: Presentation
6 IAS 36 Impairment of Assets
C Financial reporting-Others
1 IFRS 2 Share-based Payment
2 IAS 19 Employee Benefits (including IFRIC 14)
3 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
4 IFRS 15 Revenue From Contracts with Customers
5 IFRS 16 Leases
6 IAS 12 Income Taxes (including SIC 25)
7 IAS 24 Related Party Disclosures
8 IAS 34 Interim Financial Reporting (including IFRIC 10)
D Specialized financial statements and areas
1 IAS 26 Accounting and Reporting by Retirement Benefit Plans
2 • IFRS 1 First-time Adoption of International Financial Reporting Standards
• IFRS 17 Insurance Contracts

• IFRS 6 Exploration for and evaluation of Mineral Resources

• IFRS 14 Regulatory Deferral Accounts
• IAS 29 Financial Reporting in Hyperinflationary Economies (including IFRIC 7)
3 Islamic Accounting Standard issued by ICAP
4 • IPSAS 1 Presentation of Financial Statements
• IPSAS Financial Reporting under the Cash Basis of Accounting
E Ethics
1 Code of Ethics for Chartered Accountants (Revised 2019) (Part 1 and Part 2)

CFAP-2: ADVANCED CORPORATE LAWS AND PRACTICES

Competency
Advise on matters relating to compliance with corporate laws.
Syllabus Learning Weightage

Grid
Ref hours
A Secretarial Practices 80-85 35-45
B Mediation, Arbitration, Mismanagement, Restructuring 25-35 10-15
and Rehabilitation
C Specialized Corporate Laws 15-20 10-15
D Other Relevant Laws 35-40 30-40
Total 155-180 100

Proficiency
Testing
Syllabus Contents Level
Level
Ref
A Secretarial Practices
Advise on compliance with general law governing
1 P3 T3
companies.
Advise on compliance with general law governing the
2 P2 T2
issuance of securities by companies.
3 Apply specific laws governing listed companies. P3 T2
Explain laws relating to the selection of independent
4 P3 T2
directors.
Prepare a notice of the meetings, ordinary resolutions,
5 P2 T2
special resolutions and minutes.
Mediation, Arbitration, Mismanagement, Restructuring
B
and Rehabilitation
Explain laws relating to mediation, arbitration and
1 P2 T2
prevention of oppression & mismanagement.
Apply specific laws governing the restructuring and
2 P2 T2
rehabilitation of companies.
C Specialized Corporate Laws
Advise specific laws governing non-banking finance
1 P3 T2
companies.
2 Apply specific laws governing insurance companies. P2 T2
3 Apply specific laws governing banking companies. P2 T2

Proficiency
Testing
Syllabus Contents Level
Level
Ref
D Other Relevant Laws
1 Explain laws governing foreign exchange transactions. P2 T2
2 Explain laws relating to free competition. P2 T2
Explain laws relating to anti-money laundering and
3 P2 T2
terror financing.
Advise on the laws relating to corporate governance of
4 P3 T3
companies and ethics.
5 Explain laws relating to payment systems & electronic
P2 T2
fund transfers.
6 Explain the requirements of the Code of Ethics for
P2 T2
Chartered Accountants.
3 Identify when it is appropriate to consult with specialists.
the public.
6 Apply the relevant ethical requirements to professional behavior in compliance with
standards.

A Secretarial Practices
1.1 Companies Act, 2017
Sections: 1 to 275, 293 to 302, 304 to 306, 312 to 396, 406 to 468,471 to 473, 498, 500,
505
1.2 First and Second Schedules of the Companies Act, 2017
1.3 Companies (Postal Ballot) Regulations, 2018
1.4 Companies (General Provisions & Forms) Regulations, 2018 - Regulations: 8 to 30
1.5 Companies (Investment in Associated Companies or Associated Undertakings)
Regulations, 2017
1.6 Employees Contributory Fund (Investment in Listed Securities) Regulations 2018
1.7 Companies (Related Party Transactions & Maintenance of Related Records)
Regulations, 2018 - Regulations: 3 to 6
1.8 Companies (Distribution of Dividends) Regulations, 2017
1.9 Companies (Incorporation) Regulations, 2017
Regulations: 2 to 10 & 15
2.1 Private Placement of Securities Rules, 2017 - Rules 4 to 6
2.2 Companies (Further Issue of Shares), Regulation 2020
3.1 Securities Act 2015
Sections: (2, 63 to 65, and 87 to 131) and Relevant Rules and Regulations made
thereunder
3.2 Pakistan Stock Exchange Rule Book (Chapter 5)
3.3 Listed Companies (Buy- Back of Shares) Regulations, 2019
3.4 Listed Companies (Substantial Acquisition of voting shares and Takeovers) Regulations,
2017
3.5 Public Offering Regulations 2017
3.6 Companies (Manner and Selection of Independent Directors Regulations, 2018)
B Mediation, Arbitration, Mismanagement, Restructuring and Rehabilitation
1.1 Companies Act, 2017
Sections: 276 to 292
2.1 Corporate Restructuring Companies Act, 2016 (Sections: 1 to 6)
2.2 Corporate Rehabilitation Act, 2018 (Chapter: I and II)
2.3 Corporate Restructuring Companies Rules, 2019
2.4 Corporate Rehabilitation Regulations, 2019
C Specialized Corporate Laws
1.1 Companies Ordinance , 1984 (Section 282A to 282N)
1.2 NBFC (Establishment and Regulation) Rules, 2003- Rules 1 to 7

1.3 The Non-banking Finance Companies and Notified Entities Regulations, 2008
(Regulation 2, 3, 9, 10, 15B, 16-18, and 25)
2.1 Insurance Ordinance, 2000
• Part I (Sections 1 to 4)
• Part II (Sections 5 to 13)
• Part III (Section 14)
• Part IV (Section 28)
• Part V (Sections 35, 36)
• Part VII (Sections 45 to 48)
3.1 The Banking Companies Ordinance, 1962
• Part I (Sections 1, 2, 5 & 6)
• Part II (Sections 9, 11, 13 to 19, 21, 22, 24, 29, 34 to 38)
D Other Relevant Laws
1.1 Foreign Exchange Manual of State Bank of Pakistan (Chapter 19 and 20)
2.1 Competition Act, 2010 (Chapter I and II)
3.1 Anti-money Laundering Act, 2010 and Securities and Exchange Commission of Pakistan
(Anti-money Laundering and Counter Financing of Terrorism) Regulations, 2020
(Chapter 1 and 2)
4.1 Listed Companies (Code of Corporate Governance) Regulations, 2019 and Public Sector
Companies (Corporate Governance) Rules, 2013
5.1 Payment Systems and Electronic Fund Transfers Act, 2007
Sections 2, 4, 5, 8, 14, 18
6.1 ICAP Code of Ethics for Chartered Accountants (Revised 2019) (Part I and II)
Note: All Annexures, Appendix, Forms, Schedule, Table etc. given in any act, manual, rule, regulation,
rule book etc. are excluded from syllabus unless otherwise specifically included.

CFAP-3: STRATEGY AND PERFORMANCE MEASUREMENT

Competency
Apply technical knowledge and skills in strategic management decision-making and formulating
and implementing organizational strategies.
Teaching
Grid Weightage
hours
A Formulation and Implementation of Strategy 45-50 25-30
B Strategy and Management of Information Technology 25-30 10-15
Strategic Marketing, Supply Chain and Human Resource 35-40 25-30
C
Management
D Performance Measurement 35-40 15-25
E Ethics 15-20 10-15
Total 155-180 100

Learning Outcomes
Ref Level Level
A Formulation and Implementation of Strategy
Formulate corporate strategy including venture capital firms
1 and startups strategies using internal and external factors P3 T2
and identifying and evaluating strategic choices.
Recommend policies, resource allocation, controls, change
2 P3 T2
management for implementing the corporate strategy.
B Strategy and Management of Information Technology
Recommend business process automation to enhance the
1 P2 T2
efficiency and effectiveness of business operations
Explain how Information and Communication Technology
2 P2 T2
(ICT) supports data analysis and decision making.
Explain how ICT supports the identification, reporting, and
3 management of risk in an organization, including cyber P2 T2
security issues.
Recommend on adequacy and improvements in ICT
4 P2 T2
processes and controls.
Strategic Marketing, Supply Chain and Human Resource
C
Management
Formulate marketing strategies using qualitative and
1 P3 T2
quantitative marketing techniques.


Learning Outcomes
Ref Level Level
Advise on development, promotion and management of
2 P3 T2
brand.
Apply supply chain management to create value for
3 P3 T2
organization.
Advise on talent acquisition, development and retention
4 P3 T2
policies and processes.
Explain the role of human resource in the implementation
5 P2 T2
of corporate strategies.
Explain how organizational behavior enhances the
6 P2 T2
performance of the individual, team, and organization.
D Performance Measurement
Interpret financial and non-financial information, including
1 P3 T2
big data.
2 Interpret sustainability and integrated reporting. P2 T2
Analyze the historical financial performance of an
3 P3 T2
organization.
Apply performance management tools to measure the
4 performance of an organization, project or activity P2 T2
including the use of data analytics.
E Ethics
Apply ethical considerations in relation to business, good
1 P2 T2
governance and social responsibilities.
Apply critical thinking skills to solve problems, inform judgements, make decisions and
1
2 Recommend solutions to unstructured, multi-faceted problems.
3
2
Apply ethical principles of ethics when collecting, generating, storing, accessing, using
3
4

A Formulation and Implementation of Strategy

1 Objectives, Goals, Vision and Mission
2 Importance of operational, tactical and strategic planning
3 Generation and evaluation and assessment of strategies
4 Strategy implementation (KPIs, Balanced scorecard, resource allocation, Business
process reengineering, change management and project management)
5 Tools to assess internal and external environment (Porter’s Five Forces Model, PESTEL,
SWOT, TOWS, BCG Matrix, etc)
6 Competitor Analysis and pricing (cost leadership and differentiation)
7 Business process outsourcing and Value Chain Analysis
8 Benchmarking and gap analysis
9 Business continuity planning and future scenarios
10 Venture capital firms and start-ups
B Strategy and Management of Information Technology
1 Risk management and planning (types of risks, analysis and documentation, risk
management strategies)
2 Role of IT in the collection of information, planning and decision making
3 Formulation of IT strategy
4 IT Control framework COBIT
5 IT Control and monitoring activities
6 Artificial intelligence, Cloud computing, Big Data and the role of data analytics
7 ICT in the context of e-commerce
C Strategic Marketing, Supply Chain and Human Resource Management
1 Management Models and Theories (Classical Approach, Human Relations and Neo-
Human Relations Approach, Systems Approach and Contingency Approach)
2 Recruitment and hiring (Need analysis, competency requirements, personnel
specifications)
3 Organizational development (Motivation, Motivation theories, job satisfaction, stress
management, Management by Objective)
4 Organizational development (Compensation & Benefits, Training and development,
Appraisals and incentives, Health and safety, Conflict resolution and working
environment)
5 Organizational development (leadership, theories of leadership, leadership styles, roles
and principles, group dynamics and negotiation)
6 Marketing strategies, planning and implementing (including Service Oriented Business
7 Assessing the nature and size of the market using internal records, market intelligence,
market research

8 Product life cycle, Product positioning and branding strategies

9 Market segmentation strategies
10 Advertising and promotion strategies and the influence of social media and related
channels
11 Global marketing, opportunities and threats
12 Franchising, licensing, joint venture and alliances, E-commerce sales and marketing
13 World Trade Organization
14 Concept and process of procurement
16 Vendor development and management
17 Inventory and production management, ware housing and logistics
D Performance Measurement
1 ESG, Sustainability and Integrated reporting
2 Ratios
3 IFAC Sustainability framework 2.0(Business strategy perspective, operational
perspective and reporting perspective).
4 The International Integrated Reporting Framework issued by IIRC
E Ethics
1 Corporate Social Responsibility and Ethical Behavior

CFAP-4: BUSINESS FINANCE DECISIONS

Competency
Apply technical knowledge and skills in strategic financial decision making, and formulating and
implementing organizational financial strategies.
Syllabus Teaching
Grid Weightage
Ref hours
1 Business Appraisals and Securities 50-55 40-60
2 Capital and its Sources 35-40 25-30
3 Financial Risk Management 25-35 20-25
Total 110-130 100

Learning Outcomes
Ref Level Level
A Business Appraisals and Securities
1 Prepare financial appraisals on business valuation. P3 T3
Prepare financial appraisals on acquisitions, mergers,
2 P3 T3
demergers, spin off and spin out.
Prepare financial appraisals on new projects and
3 P3 T3
strategies.
Analyze shareholder value considering dividend and
4 P2 T2
investment decisions.
5 Determine debt value using different techniques. P3 T2
B Capital and its Sources
Advise on raising capital from various sources of financing
1 available to an organization based on the qualitative and P3 T3
quantitative evaluation.
Apply capital budgeting and rationing techniques in the
2 P2 T2
evaluation of capital investment decisions.
3 Prepare appraisals for optimal portfolio selection. P3 T2
C Financial Risk Management
1 Assess and manage price, currency , interest, liquidity and
P3 T3
credit risks
2 Evaluate the implications of price, currency , interest,
P3 T3
liquidity and credit risks on business

Evaluate data and information from a variety of sources and perspectives through
1
Communicate clearly and concisely when presenting, discussing and reporting in formal
2
Respond effectively to changing circumstances or new information to solve problems,
3
inform judgements, make decisions, and reach well-reasoned conclusions
1 Capital Investment Appraisal Techniques - NPV, APV, IRR, MIRR, EIRR, payback, capital
rationing, profitability index, scenario planning and replacement and sensitivity analysis
2 Valuation techniques - Dividend yield, Price earning, discounted cash flows, asset based
valuation techniques
3 Arbitrage Pricing Theory (APT)
4 Weighted average cost of capital (WACC)
4.1 Cost and market value of the equity-dividend discount model, CAPM model, Free
cashflows model
4.2 Cost and market value of debt - Effective interest cost discounting model, spot and
yield to maturity or yield to call.
4.3 Shareholder value - Dividend payout, dividend irrelevant theory, the impact of right
issue including yield adjusted theoretical ex-right price, effect on effective holding and
maintenance of wealth
4.4 Capital Structure theory
4.4(a) Tradition theory of capital structure
4.4(b) Modigliani and Miller theory - valuation, capital structure, profit distribution, cost of
capital and arbitrage gains in case of mispriced securities, optimal capital structure
5 Portfolio selection – Diversifiable and non-diversifiable risks, the concept of correlation
and covariance and two, three and multiple asset portfolio
6 Capital Asset Pricing Model – Cost of equity, ungearing and re-gearing beta, under and
overvalued securities based on security market line (SML)
7 Hedging interest rate : Futures, Options, Swaps, Swaptions and Forward agreement

8 Hedging Foreign Exchange : Currency futures, Swaps, Options, Forward, Swaptions and
Money Market hedge
9 Commodity and security: Forward and future contracts
10 Liquidity risk management through liquidity indicators, stress testing, forecasting,
contingency planning.
11 Credit risk management through financial and non-financial analysis, factoring and
insurance

CFAP-5: TAX PLANNING AND PRACTICES

Competency
Prepare and analyze relevant tax information.

Grid
Ref hours
A Income Tax 75-80 50-60
B Sales Tax and Federal Excise Duty 55-60 30-45
C Ethics 10-15 5-10
Total 140-155 100

Learning Outcomes
Ref Level Level
A Income Tax
1 Compute income under various heads of income and tax
thereon and apply provisions of law relating to losses,
P2 T3
deductible allowances, tax credits and other tax
concessions.
2 Advise on returns, assessments, appeals, records, audit,
collection/recovery/refund of tax, advance tax, withholding P3 T2
tax, minimum tax and final tax.
3 Advise on international taxation aspects. P3 T2
4 Advise on organizational strategies with respect to direct
P3 T2
taxation.
B Sales Tax and Federal Excise Duty
a Sales Tax
1 Calculate sales tax (output and input) on taxable supplies
P3 T3
including zero rated and exempt supplies.
2 Calculate apportionment of input tax and carry forward /
P3 T2
refund thereof.
3 Advise on registration, de-registration, returns, records,
P3 T2
audit and appeals.
4 Apply provisions of provincial / capital territory sales tax
P3 T2
laws applicable on services.
5 Advise on organizational strategies with respect to indirect P3 T2
taxation.


Learning Outcomes
Ref Level Level
b Federal Excise Duty
1 Apply provisions of laws on Federal Excise Duty. P2 T1
C Ethics
1 Describe principles of fair tax legislation and equitable tax
P2 T1
administration.
2 Explain ethics for tax legislators, tax administrators, tax
P3 T1
payers and tax practitioners.
and reach well-reasoned conclusions.
Key Examinable Professional Values, Ethics and Attitudes
the public.

A Income Tax
1 Income Tax Ordinance, 2001

Introduction and central concepts
Sections 1 to 3, 4 to 8, 9 to 11, 74, 80 to 84
Computation of income of under normal tax regime, final tax regime, minimum tax
regime and related tax liability
Sections 12 to 40, 113, 113C, 168 to 169
Exemptions, tax concessions, losses, deductible allowances and tax credits
Section 41 to 55, 56 to 59B, 60 to 60D, 61 to 65B, 65E to 65G
Common rules, assets, principles of taxation and geographical source of income
Section 66 to 73, 75 to 79, 86 to 100D, 101 to 101A
Foreign source income of residents, taxation of permanent establishment, thin
capitalization, avoidance of double taxation and anti-avoidance
Sections 102 to 104, 105 to 106A, 107, 108 to 112
Returns, assessment, appeals, audit, penalties and offences
Sections 114 to 119, 120 to 126, 127 to 136, 174 to 180, 182 to 204
Collection & recovery of tax, advance tax and final tax, refund of tax and withholding
tax
137 to 146C, 147, 148 to 169, 170 to 171A, 231B to 236Q
Others
Sections 85, 172 to 173, 181 to 181D, 205 to 206A, 207 to 230I, 237 to 242, Schedules
to the Income Tax Ordinance 2001
2 Income Tax Rules, 2002

Income tax rules relating to sections specified in Income Tax Ordinance.
3 Relevant notifications, circulars issued under the Income Tax Ordinance, 2001 and rules
made under therein and model double tax treaty (country specific treaty not
examinable).
B Sales Tax and Federal Excise Duty
1 Sales Tax Act, 1990

Introduction, scope and payment of tax
Sections 1 to 13, 73
Registration & de-registration, bookkeeping, Invoicing, records, returns and audit
Sections 14 to 21A, 22 to 25AA, 26 to 29, 32A, 72B
Administration, penalties, offences, appeals and recovery of arrears
Sections 30 to 32, 33 to 40D, 45A to 47A, 48
Miscellaneous
Sections 49 to 76, Schedules to the Sales Tax Act, 1990

2 Sales Tax Rules, 2006

Sales tax rules relating to sections specified in Sales Tax Act
3 Common provisions of provincial / capital territory sales tax laws on services
4 Relevant notifications, circulars and general orders issued under the Sales Tax Act, 1990
and rules made under therein
Federal Excise Act, 2005 and Federal Excise Rules 2005
5 Introduction and definitions

Section 1 to 2
Levy, Collection and Payment of Fed
Section 3 to 18
6 Notifications, circulars and general orders under the Federal Excise Act, 2005 relevant
to chapters I and II
Ethics
7 Code of Ethics for Chartered Accountants (revised 2019): Section 600.1 to 600.10,
Section 600(Subsection 604)

CFAP-6: AUDIT, ASSURANCE AND RELATED SERVICES

Competency
Perform audit of financial and non-financial information, and provide other assurance and
related services.
Teaching
Grid Weightage
hours
Audit of Historical Financial Information-Planning and Others 30-35 25-30
Audit of Historical Financial Information – Risks 15-20 15-20
Audit Conclusion and Reporting 30-35 20-30
Specialized Areas, Other Assurance Engagement and Related Services 20-25 15-20
Ethical, Quality Control and Professional Requirements 10-15 10-15
Total 105-130 100

Learning Outcomes
Ref Level Level
Audit of Historical Financial Information-Planning and
A
Others
Describe the general principles and responsibilities
1 involved in performing an audit of historical financial P2 T3
information including group financial statements.
Identify relevant audit evidence, including contradictory
2 evidence, to inform judgments, make decisions, and reach P3 T3
well-reasoned conclusions.
Analyze the adequacy of ICT processes and controls and
3 P3 T3
identify improvements including using data analytics.
Conclude whether sufficient and appropriate audit
4 P3 T3
evidence has been obtained.
5 Apply requirement of International Standards of Auditing P3 T3
to group audit, using work of internal audit and work of
auditor’s expert.
6 Apply requirement of International Standards of Auditing P3 T3
relating to consideration of laws and regulations in an
audit of financial statements
7 Apply the requirements of International Standards of P3 T3
Auditing relating to going concern.
Auditing relating to related parties.


Learning Outcomes
Ref Level Level
Auditing relating to written representation.
Auditing relating to subsequent events.
11 Apply audit considerations relating to an entity using a P3 T2
service organization.
B Audit of Historical Financial Information-Risks
Assess the risks of material misstatement in the financial
1 P3 T3
statements and consider the impact on the audit strategy.
Identify significant audit risks including different types of
2 P3 T3
cyber risks.
Explain how an auditor can use Information and
3 Communication Technology (ICT) to identify audit risk and P3 T3
its mitigating controls in an organization.
Conclude how specified internal controls mitigate risks
4 P3 T3
including cyber risks and improve cyber security.
C Audit Conclusion and Reporting
1 Conclude and report audit opinion on financial statements. P3 T2
Communicate key audit matters, modifications to the
2 opinion, the emphasis of matter paragraphs and other P3 T2
matter paragraphs in independent auditor’s report.
Apply requirement of International Standards of Auditing
3 relevant to comparative information and the auditor’s P2 T2
responsibilities relating to other information.
Specialized Areas, Other Assurance Engagement and
D
Related Services
Explain special consideration regarding audit of financial
1 statements prepared in accordance with special purpose P2 T2
frameworks.
Explain special consideration regarding audit of single
2 financial statements and specific elements, accounts or P2 T2
items of financial statements.
Apply requirement of International Standards of Auditing
3 to engagement to report on summary financial P3 T2
statements.
Plan, perform, conclude on and report on review
4 P3 T2
engagements of historical financial statements.
Plan, perform, conclude on and report on assurance
5 engagements other than audits or review of historical P3 T2
financial information.


Learning Outcomes
Ref Level Level
Plan, perform, conclude on and report on prospective
6 P3 T2
financial information.
Plan, perform, conclude on and report on controls at a
7 P3 T2
service organization.
Plan, perform, conclude on and report on greenhouse gas
8 P3 T2
statement.
Perform assurance engagements to report on the
9 compilation of Pro Forma Financial Information included P3 T2
in Prospectus.
Plan, perform, conclude on and report on engagement to
10 P3 T2
perform agreed-upon procedures.
Plan, perform, conclude on and report on compilation
11 P3 T2
engagements.
Perform the services under the provisions of corporate
12 P3 T2
laws.
13 Perform the services under the provisions of tax laws. P3 T2
E Ethical, Quality Control and Professional Requirements
Apply the requirements of the Code of Ethics on complex
1 scenarios to advise on appropriate ways of addressing an P3 T2
ethical threat.
Apply the requirements of quality control for audits of
financial statements and for firms that performs audits
2 P3 T2
and reviews of financial statements and other assurance
and related services engagements.
Apply the requirements of applicable laws for
3 P3 T2
professional misconduct on given scenarios.
3 Identify when it is appropriate to consult with specialists.

5 Apply ethical principles when collecting, generating, storing, accessing, using and
sharing data and information.
6 Apply the relevant ethical requirements to professional behavior.
the public
A Audit of Historical Financial Information-Planning

1 ISA 210: Agreeing the terms of audit engagement
2 ISA 230: audit documentation
3 ISA 250(revised): Consideration of Laws and regulations in an audit of financial
statements
4 ISA 260(revised): Communication with those charged with governance
5 ISA 265: Communicating deficiencies in internal control to those charged with
governance and management
6 ISA 300: Planning an audit of financial statements
7 ISA 402: Audit considerations relating to an entity using a service organization
8 ISA 450: Evaluation of misstatements identified during the audit
9 ISA 500: Audit evidence
10 ISA 501: Audit evidence – specific considerations for selected items
11 ISA 505: External confirmations
12 ISA 510: Initial audit engagements – opening balances
13 ISA 520: Analytical procedures
14 ISA 530: Audit Sampling
15 ISA 540(revised): Auditing accounting estimates and related disclosures
16 ISA 550: related parties
17 ISA 560: subsequent events

18 ISA 570(revised): Going concern

19 ISA 580: Written representations
20 ISA 600: Special considerations –Audit of Group Financial Statements (including the
work of component auditors)
21 ISA 610(revised 2013): Using the work of internal auditors
22 ISA 620: Using the work of an expert
B Audit of Historical Financial Information – Risks
1 ISA 240: The auditor’s responsibilities relating to fraud in an audit of financial
statements
2 ISA 315(revised): identifying and assessing the risk of material misstatement through
understanding the entity and its environment
3 ISA 320: Materiality in planning and performing an audit
4 ISA 330: The auditor’s response to assessed risk
C Audit Conclusion and Reporting
1 ISA 700(revised): Forming an opinion and reporting on Financial statements
2 ISA 701: Communicating Key audit matters in the Independent auditor’s report
3 ISA 705 (revised): modifications to the opinion in the independent auditor’s report
4 ISA 706 (revised): emphasis of matter paragraphs and other matter paragraphs in the
independent auditor’s report
5 ISA 710: Comparative information – Corresponding figures and comparative financial
statements
6 ISA 720(Revised): The auditor’s responsibilities relating to other information
D Specialized Areas, Other Assurance Engagement and Related Services
1 ISA 800 (revised): Special considerations-Audits of Financial Statements prepared in
accordance with special purpose frameworks
2 ISA 805 (revised): Special considerations-Audit of Single statements and specific
elements, accounts or items of a financial statements
3 ISA 810 (revised): Engagement to report on summary financial statements
4 ISRE 2400: Engagements to review historical financial statements
5 ISRE 2410: Review of interim financial information performed by the independent
auditor of the entity
6 ISAE 3000: Assurance engagements other than audits or reviews of historical financial
information
7 ISAE 3400: The examination of prospective financial information
8 ISAE 3402: Assurance reports on controls at a service organization
9 ISAE 3410: Assurance engagements
10 ISAE 3420: Assurance engagements on Greenhouse Gas Statements

11 ISRS 4400: Engagements to perform agreed upon procedures regarding financial

information
12 ISRS 4410: Compilation engagement
13 Amended international framework for assurance engagement
E Ethical, Quality Control and Professional Requirements
1 Code of Ethics(revised) 2019 issued by ICAP
2 Quality control – ISQM 1, ISQM 2, ISA 220 (revised), quality control framework of ICAP,
Quality Assurance Board of ICAP, Audit Oversight Board
3 Chartered Accountant Ordinance, 1961
Chapter V A
Schedules I, II and III

MSA-1
MULTI-SUBJECT ASSESSMENT
FINANCIAL REPORTING AND ASSURANCE PROFESSIONAL COMPETENCE
Competency
Evaluate and advise, as preparer, auditor and consultant on matters relevant to financial and non-
financial information upholding the principles of ethics, transparency and accountability.
Syllabus
Grid Teaching Hour Weightage
Ref.
A Financial Accounting and Reporting 75-85 55-65
B Audit, Assurance and Related Services 40-45 25-35
C Company Law and Ethics (provisions relating to 10-15 05-15
accounts and audit)
Total 125-145 100
Key Examinable Technical competencies
Learning Outcome Testing Level
Ref. Level
A Financial Accounting and Reporting
Evaluate and advise on relevant and faithfully represented
1 P3 T3
financial and non-financial information.
B Audit, Assurance and Related Services
Evaluate and advise on audit of financial and non-financial
1 P3 T3
information
Evaluate and advise on other assurance and advisory
2 P2 T3
services
Company Law and Ethics (provisions relating to accounts
C
and audit)
1 Advise on compliance with corporate laws P2 T3


Apply techniques to reduce bias, when solving problems, informing judgements,
2
3
4
Analyze the consequences of unethical behavior to the individual, the profession,
5
and the public.
Apply ethical principles of ethics when collecting, generating, storing, accessing,
6
using and sharing data and information.
A Financial Accounting and Reporting

Presentation of Financial Statements (IAS-1, IAS-7 and Companies Act, 2017, including
1
3rd, 4th and 5th schedules)
2 Interpretation of financial and non-financial information
3 IAS 27 Separate Financial Statements
Preparation and Presentation of consolidated financial statements
• IFRS 3 Business combinations
4 • IFRS 10 Consolidated financial statements
• IAS 28 Investment in Associates and Joint Ventures
• IFRS 11 Joint Arrangements
5 IFRS 12 Disclosure of Interests in Other Entities
6 IFRS 2 Share-based Payment
7 IFRS 13 Fair Value Measurement
8 IFRS 8 Operating Segments
Classification, recognition, measurement and presentation of financial assets and
liabilities
9 • IAS 32 Financial Instruments: Presentation
• IFRS 7 Financial Instruments: Disclosures
• IFRS 9 Financial Instruments

10 IAS 34 Interim Financial Reporting

11 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
12 IAS 10 Events after the Reporting Date
13 IAS 12 Income Taxes
14 IAS 16 Property, Plant and Equipment
15 IFRS 16 Leases
16 IAS 40 Investment Property
17 IFRS 15 Revenue From Contracts with Customers
18 IAS 19 Employee Benefits
19 IAS 21 The Effects of Changes in Foreign Exchange Rates
20 IAS 24 Related Party Disclosures
21 IAS 36 Impairment of Assets
22 IAS 37 Provisions, Contingent Liabilities and Contingent Assets
23 IAS 38 Intangible Assets
24 IFRS for Small and Medium-Sized Entities
25 Current developments and updates relating to IFRS
B Audit, Assurance and Related Services
Quality control – ISQC 1, ISA 220, quality control framework of ICAP, Quality
1
Assurance Board of ICAP
Legal, professional and ethical consideration relating to appointment and removal of
2
auditor
ISA 315(revised) Identifying and assessing the risks of material misstatements through
3 understanding the entity and its environment
ISA 330 The Auditor’s Responses to Assessed Risks
ISA 230 Audit documentation
ISA 300 Planning an Audit of Financial Statements,
ISA 320 Materiality in Planning and Performing an Audit
ISA 500 Audit Evidence
4 ISA 501 Audit Evidence – Specific Considerations for Selected Items
ISA 505 External Confirmations
ISA 510 Initial Audit Engagements – Opening Balances
ISA 520 Analytical Procedures
ISA 530 Audit Sampling
ISA 250(revised) Consideration of Laws and Regulations in an Audit of Financial
5
Statements
6 Acceptance and continuance of client
7 ISA 560 Subsequent events

8 ISA 570(revised) Going concern

9 ISA 540(revised) Auditing Accounting Estimates and Related Disclosures
ISA 600 Special considerations –Audit of Group Financial Statements (Including the
10
Work of Component Auditors)
ISA 610(revised 2013) Using the Work of Internal Auditors
11
ISA 620 Using the Work of an Auditor’s Expert
12 Identification of audit issues and advising on relevant audit procedures
13 ISA 705 (revised) Modifications to the Opinion in the Independent Auditor’s Report
ISA 701: Communicating Key audit matters in the Independent auditor’s report
14 ISA 706 (revised): Emphasis of Matter Paragraphs and Other Matter Paragraphs in the
Independent Auditor’s Report
ISA 710: Comparative Information – Corresponding Figures and Comparative Financial

15
Statements
17 ISA 720(Revised): The Auditor’s Responsibilities Relating to Other Information
18 Audit report under the Companies Act, 2017
Assurance Engagements Other Than Audits or Reviews of Historical Financial

Information
ISA 800 (Revised): Special Considerations – Audit of Financial Statements Prepared in
accordance with Special Purpose Frameworks
ISA 805 (Revised): Special Considerations – Audits of Single Financial Statements and
Specific Elements, Accounts or Items of a Financial Statement
ISA 810 (Revised): Engagements to Report on Summary Financial Statement
19
ISAE 3000 (Revised): Assurance Engagements other than Audits and reviews of
historical financial information
ISAE 3400: The Examination of Prospective Financial Information
ISAE 3402: Assurance Reports on Controls at a Service Organization
ISAE 3410: Assurance Engagements on Greenhouse Gas Statements
ISAE 3420: Assurance Engagements to Report on the Compilation of Pro forma
Financial Information Included in a Prospectus
Engagements for Related Services

ISRS 4400: Engagements to Perform Agreed-Upon Procedures Regarding Financial
20
Information
ISRS 4410 (Revised): Compilation Engagements
Current development and updates relating to audit, assurance and related services,
21 including relevant developments in the use of technology (eg, big data, data analytics
and artificial intelligence).

C Company Law and Ethics (provisions relating to accounts and audit)

1 Accounts of Companies (Section 220 to 239)
2 Audit (Section 246 to 253)
Listed Companies (Code of Corporate Governance) regulations 2019 (Codes relating to
3
audit and accounts)
4 Professional misconduct under the Chartered Accountants Ordinance 1961
Code of Ethics(Revised 2019) issued by the Institute of Chartered Accountants of
5
Pakistan
MSA stage papers are primarily the integrated assessments of subjects examined at the CFAP stage.
MSA 1 is an integration of CFAP 1 Advanced Accounting and Financial Reporting and CFAP 6 Audit,
Assurance and Related Services. However, under prior learning policy, the concepts examinable at the
CAF stage may be examined as a component of any question at the MSA stage to assess the conceptual
understanding of the concerned topic.

MSA-2
MULTI-SUBJECT ASSESSMENT
MANAGEMENT PROFESSIONAL COMPETENCE
Competency
Evaluate and advise on all aspects of business strategies and management upholding the principles
of ethics, transparency and accountability.
Syllabus
Grid Teaching Hours Weightage
Ref.
A Strategic Management 50-55 40-50
B Financial and Performance Management 45-50 35-40
C Tax Planning 10-15 05-15
D Codes of Corporate Governance and Ethics 05-10 05-10
Total 110-130 100
Key Examinable Technical competencies

Learning Outcomes
Ref. Level
A Strategic Management
Evaluate and advise on formulating and
1 implementing organizational strategies relevant to P3 T3
non-financial aspects.
B Financial and Performance Management
1 Evaluate and advise on formulating and
P3 T3
implementing organizational financial strategies
C Tax Planning
Evaluate and advise on organizational strategies
1 P2 T2
relevant to direct and indirect taxation.
D Codes of Corporate Governance and Ethics
Evaluate and advise on Codes of corporate
1 P2 T2
governance
2 Evaluate and advise on strategies and safeguards for
P2 T2
ethical dilemmas.

Evaluate data and information from a variety of sources and perspectives through
1
Apply critical thinking skills to solve problems, inform judgements, make decisions
2
3 Apply intellectual agility.
Respond effectively to changing circumstances or new information to solve
5
problems, inform judgements, make decisions, and reach well-reasoned conclusions.
6
5 Analyze the consequences of unethical behavior to the individual, the profession,
and the public.
6 Apply ethical principles of ethics when collecting, generating, storing, accessing,
using and sharing data and information.
7 Explain the role and importance of ethics in relation to the concept of social
responsibility.
A Strategic management
Strategic Analysis:
1 Strategic management, organizational goals and objectives, the external business
environment, internal factors and strategic capability, analyzing strategic position and
performance, levels of strategy in an organization.
Strategic Choice
2 Strategic choices, generating strategic options, strategic decision-making, evaluating
strategic options, international strategies.

Strategic Implementation:
3 Acquisitions and strategic alliances, aligning organizational structure and strategy,
managing change, cost reduction methodologies, evaluating functional strategies,
business plans.
Business Risk Management
4 Business risks, enterprise risk management, risk management responsibilities,
stakeholders and risk, risk assessment, risk response.
5 Strategic Marketing and Brand Management
Understanding market position, developing a marketing strategy, positioning
strategies, the marketing mix, databases and e-marketing, brand management,
branding and marketing strategy, valuing brands and intangible assets.
Information Strategy
Information technology and strategy, information for strategic planning and control,
6 management information systems, the value of information, evaluating management
information and performance data, using information to develop competitive
advantage
Human Resource Management
7 Strategic human resource management (HRM), the impact of HRM on business
strategy, appraisal and performance management, the impact of remuneration and
reward packages, HRM and change management.
Performance Measurement
8 Financial and non-financial information, ESG, sustainability and integrated reporting,
performance measurement tools.
B Financial and Performance Management
Strategic Performance Management
1 Performance management, information for strategic decision making, performance
measurement, rewards, behaviour and performance, corporate social responsibility
and performance
Business and Securities Valuation
2 Valuation methods, acquisitions and mergers, unquoted companies and start-ups,
valuation of debt.
Financial Instruments and Financial Markets
Equity instruments, equity markets, fixed interest securities, bonds and leasing, bond
3 markets, bond valuation and yields, credit risks, derivatives, derivative markets.
Prudential Regulations for Corporate /Commercial Banking of SBP (PART – A
Definitions, Regulations R-1-R-10, PART B Regulations G1 – G4)
Financial Structures and Reconstruction
4 Capital structure, Dividend policy, Financial reconstruction, Demergers and disposals,
Small and medium company financing.
5 Financial Risk Management
Financial risks, Interest rate risks, Foreign exchange rate risks, Hedge accounting.
6 Treasury and Working Capital Management

Treasury management function, Global treasury management, Working capital

management.
C Tax Planning
Income Tax for Businesses; Group Relief and Taxation; International Expansion of
Businesses restricted to permanent establishment (foreigners investing into Pakistan);
1
Choice of Business Structure, transformation and reorganization; Sales Tax; and
Taxation of Employees Remuneration
D Codes of Corporate Governance and Ethics
- Listed Companies (Code of Corporate Governance) Regulations, 2019
1
- Public Sector Companies (Corporate Governance) Rules, 2013
Ethics and ethical issues, Resolving ethical dilemmas, Ethical safeguards, Ethics and
2
strategy.
Note: MSA stage papers are primarily the integrated assessments of subjects examined at the CFAP
stage. MSA 2 is an integration of CFAP 3 Strategy and Performance Measurement and CFAP 4 Business
Finance Decisions. However, under prior learning policy, the concepts examinable at the CAF stage
may be examined as a component of any question at the MSA stage to assess the conceptual
understanding of the concerned topic.”

Directive1.01 Training Scheme 2

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EDUCATION AND

TRAINING SCHEME 2021

Education and Training Scheme 2021 2

EDUCATION AND TRAINING SCHEME 2021

1. SHORT TITLE AND COMMENCEMENT

Education and Training Scheme 2021 3

(xi) MSA means Multi-Subject Assessment;

Education and Training Scheme 2021 4

4. CURRICULUM AND SYLLABUS

Education and Training Scheme 2021 5

(iii) Multi-Subject Assessment (MSA)

Education and Training Scheme 2021 6

(7) Hands-on Courses (HOC)

6. FEES AND REFUNDS

*363rd Council meeting dated December 8-9, 2022

Education and Training Scheme 2021 7

Education and Training Scheme 2021 8

Paper Permitted book

Education and Training Scheme 2021 9

Paper Permitted book

Education and Training Scheme 2021 10

Paper Permitted book

• Use of electronic communication devices (e.g.

• Copy or transfer any examination material/screen

Education and Training Scheme 2021 11

Level Offences under unfair means Disciplinary Action

• Attempt to write on paper, desk, table, etc. during

• Repeating offence(s) of Level 1 (both under in-

• Other offences of similar nature and intensity

• Use of materials of all kind (including paper slips)

• Any information written on hands, arms, dress,

• Leaving the examination room without the Cancellation of

Education and Training Scheme 2021 12

Level Offences under unfair means Disciplinary Action

S. No. Offences under unfair means Disciplinary Action

Education and Training Scheme 2021 13

(6) Review of answer scripts

(7) Special arrangements

* 360th Council Meeting held on July 19, 2022.

Education and Training Scheme 2021 14

9. TRANSITION TO THE SCHEME 2021

S. No. Education and Training Scheme 2013 The Scheme 2021

Certificate in Accounting and Finance Certificate in Accounting and

Subjects before the commencement of the

Education and Training Scheme 2021 15

Business Writing and

(ii) Credit for CAF passed or exempted papers

Subjects before the commencement of the

(iii) Credit for CFAP and MSA passed papers

Subjects before the commencement of the

Education and Training Scheme 2021 16

Audit, Assurance and Related Audit, Assurance and

(iv) Credit for Hands-on Courses

Presentation and Communication Presentation and Personal

Education and Training Scheme 2021 17

10. TRAINING REGULATIONS AND GUIDELINES

11. RELEVANT DEGREE AWARDING INSTITUTE (RDAI) AND SPECIFIED

12. REMOVAL OF DIFFICULTY

Education and Training Scheme 2021 18

Education and Training Scheme 2021 19

Education and Training Scheme 2021 20

Education and Training Scheme 2021 21

CAF-1: FINANCIAL ACCOUNTING AND REPORTING-I